- Record fourth quarter and full year net sales and earnings per share
- Full year reported operating margin of 10% and adjusted operating margin of 10.3%
- Full year South American operating margin of 17.6%
- Reiterates 2023 full year net sales of ~$14 billion and earnings per share of ~$13.50
AGCO reported net sales of $3.9 billion for the fourth quarter of 2022, an increase of 23.6% compared to the fourth quarter of 2021. Reported net income was $4.29 per share for the fourth quarter of 2022, and adjusted net income(3), which excludes restructuring expenses and a charge related to the divestiture of a Russian joint venture, was $4.47 per share. These results compare to reported net income of $3.75 per share and adjusted net income(3), which excludes restructuring expenses and the reversal of a valuation allowance previously established against the Company’s deferred tax assets in Brazil, of $3.08 per share, for the fourth quarter of 2021. Excluding unfavorable currency translation impacts of 9.2%, net sales in the fourth quarter of 2022 increased 32.7% compared to the fourth quarter of 2021.