Agco raises FY23 adjusted EPS view to $15.75 from $15.25, consensus $15.30

Backs FY23 revenue view $14.7B, consensus $14.65B. The company said, “AGCO‘s net sales for 2023 are expected to be approximately $14.7 billion, reflecting improved sales volumes and pricing. Gross and operating margins are projected to improve from 2022 levels, reflecting the impact of higher sales and production volumes as well as pricing and a favorable sales mix. These improvements are expected to fund increases in engineering and other technology investments to support AGCO’s precision agriculture and digital initiatives. Based on these assumptions, 2023 reported earnings per share are targeted at approximately $15.08 and adjusted earnings per share at approximately $15.75.”