DULUTH, Ga. (AP) — DULUTH, Ga. (AP) — Agco Corp. (AGCO) on Thursday reported fourth-quarter net income of $95.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Duluth, Georgia-based company said it had profit of $1.30. Earnings, adjusted for one-time gains and costs, came to $2.17 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.85 per share.
The farm equipment maker posted revenue of $2.92 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $2.68 billion.
For the year, the company reported net income of $726.5 million, or $9.75 per share, swinging to a profit in the period. Revenue was reported as $10.08 billion.
Agco expects full-year earnings in the range of $5.50 to $6 per share, with revenue in the range of $10.4 billion to $10.7 billion.
Agco shares have increased 17% since the beginning of the year. The stock has risen 18% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AGCO at https://www.zacks.com/ap/AGCO
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