AGCO Profit Tops Estimates - Updates

(RTTNews) - Agricultural equipment maker AGCO Corp. (AGCO), Tuesday reported a better-than-expected increase in fourth-quarter profit, led by demand in Europe and Asia Pacific regions, despite some softness in the Americas.

AGCO provided some strong guidance for 2014, but cautioned that the year will be marked by somewhat mute demand across the developed markets.

The Duluth, Georgia-based company posted fourth-quarter net income of $139 million or $1.40 per share, compared with $102.5 million or $1.04 per share last year.

On average, 17 analysts polled by Thomson Reuters estimated earnings of $1.34 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the fourth quarter climbed about 6 percent to $2.86 billion from $2.7 billion in the prior year. Analysts estimated sales of $2.85 billion for the quarter.

Sales in Europe, Africa and Middle East climbed 10 percent, while Asia Pacific was up 6 percent.

For fiscal 2014, AGCO is projecting earnings of $6 per share on sales of $10.8 billion to $11 billion. Analysts currently expect earnings of $5.76 per share on sales of $10.48 billion.

AGCO stock is trading at $51.18, down $1.47 or 2.79%, on a volume of 1.24 million shares on the NYSE.