Extract
AGCO Reports Third Quarter Results.
Strong Global Sales Produce Record Third Quarter Net Income
DULUTH, Ga. -- AGCO Corporation (NYSE:AG), a worldwide manufacturer and distributor of agricultural equipment, reported record third quarter net sales of $2.1 billion and record net income of $1.04 per share for the third quarter of 2008. Adjusted net income, which excludes restructuring and other infrequent expenses (income), was also $1.04 per share for the third quarter of 2008. These results compare to reported net income of $0.80 per share and adjusted net income of $0.77 per share for the third quarter of 2007. Net sales for the third quarter of 2008 increased approximately 22% compared to the same period in 2007, excluding favorable currency translation impacts of $120.0 million. For the first nine months of 2008, reported and adjusted net income were $3.01 per share compared to reported net income of $1.73 per share and adjusted net income of $1.70 per share for the same period in 2007. Net sales for the first nine months of 2008 increased approximately 23% to $6.3 billion compared to the same period in 2007, excluding favorable currency translation impacts of $522.9 million. "...See the full content of this document
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