Sees FY24 revenue ~$12.5B, consensus $13.13B. On April 1, 2024, AGCO acquired an 85% stake in PTx Trimble, and Trimble holds a 15% stake. AGCO began consolidating the PTx Trimble joint venture into its consolidated financial statements on April 1, 2024. In addition, on July 25, 2024, AGCO announced the entry into a definitive agreement to sell its Grain & Protein business, which is expected to be completed prior to year-end. AGCO’s net sales for 2024, including the positive impact of PTx Trimble, are expected to be approximately $12.5B, reflecting lower sales volumes and adverse foreign currency translation. Adjusted operating margins are projected to be approximately 9%, reflecting the consolidation of PTx Trimble as well as the impacts of lower sales, lower production volumes, increased cost controls and modestly lower investments in engineering. Based on these assumptions, 2024 adjusted earnings per share are targeted at approximately $8.00.
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