AGCO reported Tuesday that its revenue was down 13 percent in the fourth quarter to $2.5 billion, compared with the same period a year ago. Revenue was down nearly 16 percent in North America, 6 percent in the Europe/Africa/Middle East region and 2 percent in South America. Revenue was up nearly 13 percent, however, in the company’s Asia/Pacific region.
Net income fell to $76.5 million in the fourth quarter, compared with $136.9 million in the same period a year ago, or an adjusted earnings per share performance of $1.18, compared with $1.40 a year earlier.
Shares of AGCO, however, were up sharply Tuesday since results beat analysts’ expectations. Riding a wave of investor buying on a strong day for the stock market, AGCO’s shares ended the day up $4.25, at $48.96.