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For Immediate Release
Thursday, February 6, 2020
Vice President, Investor Relations
Reported fourth quarter regional sales results(1): Europe/Middle East (“EME”) 0.2%, North America 1.8%, South America (20.0)%, Asia/Pacific/Africa (“APA”) (13.3)%
Constant currency fourth quarter regional sales results(1)(2)(3): EME 3.0%, North America 1.6%, South America (14.6)%, APA (10.8)%
Fourth quarter adjusted earnings per share were negatively impacted by softer than anticipated market demand in EME, APA and South America; higher warranty expense; brand and product rationalization costs for grain and protein equipment and a higher effective tax rate
Warranty expense increased approximately $23 million compared to the fourth quarter of 2018 due primarily to field product improvement campaign costs to support new harvesting products
Grain and protein brand and product rationalization resulted in charges of approximately $7 million to reduce complexity and improve product offerings
Generated approximately $696 million in cash flow from operations and approximately $423 million in free cash flow(3) in 2019
Share repurchase program reduced outstanding shares by approximately 1.8 million during 2019
Full-year earnings forecast for 2020 remains in a range from $5.00 to $5.20 per share
The following information was filed by Agco Corp De (AGCO) on Thursday, February 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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