Income Statement AGCO Corporation

Equities

AGCO

US0010841023

Heavy Machinery & Vehicles

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12:45am	Transcript : AGCO Corporation Presents at Morgan Stanley?s 12th Annual Laguna Conference 2024, Sep-12-2024 03:45 PM
09-05	Transcript : AGCO Corporation Presents at Citi's 2024 Global TMT Conference, Sep-05-2024 11:40 AM

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Published financial data: AGCO CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	9.04B	9.15B	11.14B	12.65B	14.41B
Total Revenues	9.04B	9.15B	11.14B	12.65B	14.41B
Cost of Goods Sold, Total	7.06B	7.09B	8.57B	9.65B	10.64B
Gross Profit	1.98B	2.06B	2.57B	3B	3.78B
Selling General & Admin Expenses, Total	1.05B	1.01B	1.09B	1.19B	1.47B
Provision for Bad Debts	5.8M	14.5M	500K	3.3M	-
R&D Expenses	343M	343M	406M	444M	549M
Amortization of Goodwill and Intangible Assets - (IS)	61M	59.4M	61.1M	60M	57.6M
Other Operating Expenses, Total	1.46B	1.43B	1.56B	1.7B	2.07B
Operating Income	523M	632M	1.02B	1.3B	1.7B
Interest Expense, Total	-28.8M	-24.9M	-25.4M	-46M	-68.8M
Interest And Investment Income	8.9M	9.9M	18.7M	33M	64.2M
Net Interest Expenses	-19.9M	-15M	-6.7M	-13M	-4.6M
Income (Loss) On Equity Invest.	42.5M	45.5M	65.6M	64.1M	68.2M
Currency Exchange Gains (Loss)	20.4M	3.7M	54.8M	-49.6M	29.9M
Other Non Operating Income (Expenses)	-77.1M	-51.6M	-107M	-91.7M	-380M
EBT, Excl. Unusual Items	489M	615M	1.02B	1.21B	1.42B
Restructuring Charges	-12M	-19.7M	-15.3M	-6.1M	-11.9M
Impairment of Goodwill	-174M	-20M	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	3.4M	-
Asset Writedown	-	-	-	-	-4.1M
Other Unusual Items	-	32.5M	1.2M	-36M	-
EBT, Incl. Unusual Items	304M	608M	1.01B	1.17B	1.4B
Income Tax Expense	181M	188M	108M	297M	230M
Earnings From Continuing Operations	123M	420M	902M	875M	1.17B
Net Income to Company	123M	420M	902M	875M	1.17B
Minority Interest	2.4M	7.3M	-4.5M	14.9M	100K
Net Income - (IS)	125M	427M	897M	890M	1.17B
Net Income to Common Incl Extra Items	125M	427M	897M	890M	1.17B
Net Income to Common Excl. Extra Items	125M	427M	897M	890M	1.17B
Per Share Items
Net EPS - Basic	1.64	5.69	11.93	11.92	15.66
Basic EPS - Continuing Operations	1.64	5.69	11.93	11.92	15.66
Basic Weighted Average Shares Outstanding	76.2M	75M	75.2M	74.6M	74.8M
Net EPS - Diluted	1.63	5.65	11.85	11.87	15.63
Diluted EPS - Continuing Operations	1.63	5.65	11.85	11.87	15.63
Diluted Weighted Average Shares Outstanding	77M	75.6M	75.7M	74.9M	74.9M
Normalized Basic EPS	4.04	5.22	8.45	10.34	11.85
Normalized Diluted EPS	4	5.18	8.39	10.3	11.83
Dividend Per Share	0.63	0.64	0.76	0.92	1.11
Payout Ratio	38.34	11.24	6.35	7.71	7.09
Supplemental Items
EBITDA	795M	904M	1.3B	1.57B	1.99B
EBITA	584M	692M	1.08B	1.36B	1.76B
EBIT	523M	632M	1.02B	1.3B	1.7B
EBITDAR	859M	971M	1.38B	1.64B	2.08B
Effective Tax Rate - (Ratio)	59.55	30.9	10.73	25.32	16.44
Current Domestic Taxes	-4.4M	4.1M	3.4M	26M	61.2M
Current Foreign Taxes	170M	180M	223M	329M	434M
Total Current Taxes	166M	184M	226M	355M	495M
Deferred Domestic Taxes	1.3M	1.3M	-70M	-55.3M	-82.8M
Deferred Foreign Taxes	13.8M	2.1M	-47.9M	-2.7M	-182M
Total Deferred Taxes	15.1M	3.4M	-118M	-58M	-264M
Normalized Net Income	308M	391M	636M	771M	886M
Interest on Long-Term Debt	700K	600K	300K	200K	200K
Non-Cash Pension Expense	9M	5.9M	-2.6M	6.3M	10.2M
Supplemental Operating Expense Items
Advertising Expense	42.3M	45.3M	54.2M	50.9M	56.4M
Research And Development Expense From Footnotes	343M	343M	406M	444M	549M
Net Rental Expense, Total	63.8M	66.8M	78.9M	70.5M	83.7M
Imputed Operating Lease Interest Expense	9.63M	7.94M	9.24M	15.69M	28.68M
Imputed Operating Lease Depreciation	54.17M	58.86M	69.66M	54.81M	55.02M
Stock-Based Comp., COGS (Total)	1.7M	1.1M	1M	1.3M	1.8M
Stock-Based Comp., SG&A Exp. (Total)	40M	36.8M	26.6M	32.7M	44.6M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	41.7M	37.9M	27.6M	34M	46.4M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	433M	1.12B	889M	790M	596M
Total Cash And Short Term Investments	433M	1.12B	889M	790M	596M
Accounts Receivable, Total	800M	856M	992M	1.22B	1.61B
Total Receivables	800M	856M	992M	1.22B	1.61B
Inventory	2.08B	1.97B	2.59B	3.19B	3.44B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	417M	419M	540M	539M	699M
Total Current Assets	3.73B	4.37B	5.01B	5.74B	6.34B
Gross Property Plant And Equipment	3.81B	4.15B	4.04B	4.2B	4.76B
Accumulated Depreciation	-2.21B	-2.48B	-2.43B	-2.44B	-2.67B
Net Property Plant And Equipment	1.6B	1.67B	1.62B	1.76B	2.1B
Long-term Investments	380M	443M	414M	437M	513M
Goodwill	1.3B	1.31B	1.28B	1.31B	1.33B
Other Intangibles, Total	502M	456M	408M	380M	309M
Deferred Tax Assets Long-Term	93.8M	77.6M	169M	228M	482M
Other Long-Term Assets, Total	153M	180M	277M	254M	347M
Total Assets	7.76B	8.5B	9.18B	10.1B	11.42B
Liabilities
Accounts Payable, Total	915M	855M	1.08B	1.39B	1.21B
Accrued Expenses, Total	1.11B	1.2B	1.25B	1.35B	1.79B
Short-term Borrowings	150M	33.8M	90.8M	8.9M	-
Current Portion of Long-Term Debt	2.9M	326M	2.1M	187M	15M
Current Portion of Leases	46.8M	46.5M	46.1M	42.9M	45.9M
Current Income Taxes Payable	170M	250M	282M	345M	401M
Other Current Liabilities	490M	652M	702M	772M	888M
Total Current Liabilities	2.88B	3.36B	3.45B	4.09B	4.34B
Long-Term Debt	1.19B	1.26B	1.41B	1.26B	1.38B
Long-Term Leases	161M	136M	122M	131M	140M
Pension & Other Post Retirement Benefits	232M	253M	209M	158M	170M
Deferred Tax Liability Non Current	107M	112M	117M	112M	123M
Other Non Current Liabilities	277M	365M	425M	468M	611M
Total Liabilities	4.85B	5.49B	5.74B	6.22B	6.76B
Common Stock, Total	800K	800K	700K	700K	700K
Additional Paid In Capital	4.7M	30.9M	3.9M	30.2M	4.1M
Retained Earnings	4.44B	4.76B	5.18B	5.65B	6.36B
Comprehensive Income and Other	-1.6B	-1.81B	-1.77B	-1.8B	-1.71B
Total Common Equity	2.85B	2.98B	3.42B	3.88B	4.66B
Minority Interest	53.2M	38M	27.9M	200K	100K
Total Equity	2.91B	3.02B	3.44B	3.88B	4.66B
Total Liabilities And Equity	7.76B	8.5B	9.18B	10.1B	11.42B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	75.47M	75.22M	74.54M	74.85M	74.62M
ECS Total Common Shares Outstanding	75.47M	74.96M	74.44M	74.6M	74.52M
Book Value / Share	37.81	39.75	45.89	52.04	62.49
Tangible Book Value	1.05B	1.22B	1.73B	2.19B	3.01B
Tangible Book Value Per Share	13.96	16.25	23.2	29.38	40.45
Total Debt	1.55B	1.8B	1.67B	1.63B	1.58B
Net Debt	1.12B	680M	783M	845M	982M
Debt Equivalent of Unfunded Proj. Benefit Obligation	206M	225M	89.2M	82.9M	75M
Debt Equivalent Oper. Leases	510M	534M	631M	564M	670M
Minority Interest, Total (Incl. Fin. Div)	53.2M	38M	27.9M	200K	100K
Equity Method Investments, Total	380M	443M	414M	437M	513M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	474M	506M	895M	1.07B	902M
Inventories - Work In Process, Total	213M	175M	283M	370M	255M
Inventories - Finished Goods, Total	1.39B	1.29B	1.42B	1.74B	2.28B
Land - (BS)	142M	147M	141M	141M	154M
Buildings, Total	808M	900M	876M	921M	1.04B
Machinery, Total	2.68B	2.94B	2.87B	2.97B	3.39B
Full Time Employees	20.96K	21.43K	23.3K	25.6K	27.9K
Accumulated Allowance for Doubtful Accounts (Supple)	28.8M	36.4M	32.6M	31.3M	31.9M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	125M	427M	897M	890M	1.17B
Depreciation & Amortization - CF	211M	212M	221M	210M	230M
Amortization of Goodwill and Intangible Assets - (CF)	61.1M	59.5M	61.1M	60.1M	57.7M
Depreciation & Amortization, Total	272M	272M	282M	270M	288M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	177M	20M	-	-	4.1M
(Income) Loss On Equity Investments - (CF)	-	-43.7M	-1.9M	-40.8M	-36.4M
Stock-Based Compensation (CF)	41.3M	37.6M	27.4M	34M	46.4M
Other Operating Activities, Total	19.6M	-11.3M	-92.9M	-20.7M	-258M
Change In Accounts Receivable	63.8M	-90.5M	-208M	-306M	-444M
Change In Inventories	-216M	120M	-763M	-668M	-164M
Change In Accounts Payable	35.7M	-59.1M	292M	322M	-192M
Change in Other Net Operating Assets	178M	225M	227M	359M	687M
Cash from Operations	696M	896M	660M	838M	1.1B
Capital Expenditure	-273M	-270M	-270M	-388M	-518M
Sale of Property, Plant, and Equipment	4.9M	1.9M	6.3M	2.6M	11.8M
Cash Acquisitions	-	-2.8M	-22.6M	-111M	-9.8M
Investment in Marketable and Equity Securities, Total	-3.1M	29.1M	13.1M	4M	-21.6M
Other Investing Activities, Total	-	-	-15.4M	-3.8M	-8M
Cash from Investing	-272M	-242M	-288M	-497M	-546M
Long-Term Debt Issued, Total	2.08B	1.2B	2.5B	410M	330M
Total Debt Issued	2.08B	1.2B	2.5B	410M	330M
Long-Term Debt Repaid, Total	-2.19B	-1.05B	-2.5B	-378M	-459M
Total Debt Repaid	-2.19B	-1.05B	-2.5B	-378M	-459M
Repurchase of Common Stock	-158M	-74.8M	-170M	-20.6M	-74.6M
Common Dividends Paid	-48M	-48M	-57M	-68.6M	-83M
Common & Preferred Stock Dividends Paid	-48M	-48M	-57M	-68.6M	-83M
Special Dividend Paid	-	-	-302M	-336M	-374M
Other Financing Activities, Total	1.1M	-4.5M	-7.3M	-15.1M	-10.9M
Cash from Financing	-313M	22.7M	-540M	-407M	-672M
Foreign Exchange Rate Adjustments	-4.2M	8.8M	-62.3M	-34M	-79.7M
Net Change in Cash	107M	686M	-230M	-99.6M	-194M
Supplemental Items
Cash Interest Paid	26.3M	23.6M	23.8M	45.1M	60.5M
Cash Income Tax Paid (Refund)	144M	181M	247M	304M	464M
Levered Free Cash Flow	397M	739M	143M	408M	477M
Unlevered Free Cash Flow	415M	754M	159M	437M	520M
Change In Net Working Capital	-47.7M	-319M	517M	291M	362M
Net Debt Issued / Repaid	-108M	150M	-3.8M	33M	-129M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.25	4.86	7.19	8.43	9.9
Return on Total Capital	7.3	8.52	12.8	15.29	18.13
Return On Equity %	4.16	14.17	27.9	23.88	27.43
Return on Common Equity	4.33	14.64	28.05	24.38	27.44
Margin Analysis
Gross Profit Margin %	21.95	22.49	23.09	23.72	26.21
SG&A Margin	11.62	11.03	9.77	9.43	10.17
EBITDA Margin %	8.8	9.88	11.66	12.41	13.83
EBITA Margin %	6.46	7.56	9.68	10.75	12.23
EBIT Margin %	5.79	6.91	9.13	10.28	11.83
Income From Continuing Operations Margin %	1.36	4.59	8.09	6.91	8.13
Net Income Margin %	1.38	4.67	8.05	7.03	8.13
Net Avail. For Common Margin %	1.38	4.67	8.05	7.03	8.13
Normalized Net Income Margin	3.41	4.28	5.71	6.1	6.15
Levered Free Cash Flow Margin	4.39	8.07	1.28	3.22	3.31
Unlevered Free Cash Flow Margin	4.59	8.24	1.42	3.45	3.61
Asset Turnover
Asset Turnover	1.18	1.13	1.26	1.31	1.34
Fixed Assets Turnover	6.07	5.58	6.77	7.5	7.48
Receivables Turnover (Average Receivables)	10.76	11.05	12.06	11.43	10.2
Inventory Turnover (Average Inventory)	3.54	3.5	3.75	3.34	3.21
Short Term Liquidity
Current Ratio