Yahoo Finance AGCO Announces PTx Launch to Boost Technology Transformation
AGCO Corp. AGCO announced the launch of a brand representing its precision ag portfolio, PTx. PTx integrates the precision agriculture technology from AGCO's tech stack's pillars, Precision Planting and its most recent joint venture, PTx Trimble. This move will facilitate AGCO’s rapid growth in technology transformation and provide seamlessly compatible, powerfully simple precision ag solutions.
On Apr 1, 2024, AGCO announced that it completed the previously announced joint venture contract with Trimble TRMB. PTx Trimble is now a new company with an 85% stake in AGCO and a 15% stake in Trimble. PTx Trimble's formation increases the overall technology offering of AGCO, focused on guidance, autonomy, precision spraying, associated farming, data management and sustainability.
PTx will assist farmers all over the world using three go-to-market strategies. It will also deepen its partnerships with more than 100 OEM partners, allowing them to integrate PTx products directly at the production. Moreover, new equipment from AGCO's major brands, Fendt, Massey Ferguson and Valtra, will include factory-fit technology from the PTx range.
PTx joins AGCO's premier worldwide brand portfolio, which includes Fendt, Massey Ferguson, GSI and Valtra.
AGCO delivered adjusted earnings per share (EPS) of $3.78 in fourth-quarter 2023 compared with the year-ago quarter’s $4.47. The reported figure missed the Zacks Consensus Estimate of EPS of $4.03. Revenues decreased 2.5% year over year to $3.8 billion in the December-end quarter. The top line missed the consensus estimate of $4.06 billion. Excluding the favorable currency-translation impacts of 1.8%, net sales fell 4.3% year over year.
AGCO belongs to the Manufacturing - Farm Equipment industry, along with Deere & Company DE and Lindsay Corporation LNN. Let us take a look at how its peers performed in the last earnings season.
Deere reported first-quarter fiscal 2024 earnings of $6.23 per share, beating the Zacks Consensus Estimate of $5.19. The bottom line fell 5% from the year-ago quarter on lower shipment volumes. Net sales of equipment operations (comprising Agriculture and Turf, Construction, and Forestry) were $10.5 billion, down 7% from the year-ago quarter. Revenues beat the consensus estimate of $10.4 billion. Total net sales (including financial services and others) were $12.2 billion, down 3.7% from the year-earlier quarter.
Lindsay delivered an EPS of $1.36 in first-quarter fiscal 2024, beating the Zacks Consensus Estimate of $1.26. The bottom line, however, declined 17.6% year over year. The company generated revenues of $161.4 million, down 8.4% from the $176 million reported in the year-ago quarter. The top line missed the consensus estimate of $162.6 million.
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