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Agco (AGCO) Q4 FY2023 earnings: revenue $3.8 billion, down 2.5% on the year

Agco Corp. (AGCO) reported revenue of $3.8 billion for Q4 FY2023, the quarter ended 31 December 2023, down 2.5% on the same quarter a year earlier. Net income was $339 million, up 5.2% on the year, and diluted earnings per share $4.53. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$3.8 billiondown 2.5%
Net income$339 millionup 5.2%
Diluted EPS$4.53
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue3,8013,456n/an/a
Cost of revenue2,8182,522n/an/a
Gross profit983934n/an/a
Gross margin25.9%27.0%n/a
Research and development22.9140n/an/a
Selling, general and administrative417356n/an/a
Operating income393424n/an/a
Operating margin10.3%12.3%n/a
Pre-tax income251334n/an/a
Income tax-76.175.3n/an/a
Effective tax rate-30.4%22.6%n/a
Net income339281n/an/a
Net margin8.9%8.1%n/a
Diluted EPS$4.53$3.74n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow900568n/an/a
Capital expenditure160121n/an/a
Free cash flow740447n/an/a
Free cash flow margin19.5%12.9%n/a
Cash from investing-167-111n/an/a
Cash from financing-783-223n/an/a
Depreciation and amortisation75.973.2n/an/a
Share-based compensation8.910.2n/an/a
Dividends paid21.621.7n/an/a
Dividend per share$0.29$0.29n/an/a
Diluted shares, weighted75m75mn/an/a
Shares outstanding at period end75m75mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity4,6574,356n/an/a
Non-controlling interest0.10.1n/an/a
Redeemable equity0.0n/an/an/a
Short-term borrowingsn/a25.9n/an/a
Debt1,3802,000n/an/a
Operating lease liabilities134128n/an/a
Finance lease liabilities5.4n/an/an/a
Other liabilities5,2454,842n/an/a
Total liabilities and equity11,42111,351n/an/a
Fixed assetsn/a1,750n/an/a
Goodwill1,3331,308n/an/a
Intangible assets309323n/an/a
Cash and equivalents596681n/an/a
Inventory3,4413,726n/an/a
Other assets5,7433,563n/an/a
Total assets11,42111,351n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 * †Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3,4563,8012,9293,2472,5992,8872,0502,6352,4762,9202,3432,610
Cost of revenue2,5222,8182,1592,4091,9962,1991,5301,9761,8302,1791,7621,964
Gross profit934983770838603689521659646741581646
Gross margin27%26%26%26%23%24%25%25%26%25%25%25%
R&D14022.9n/an/an/an/an/an/an/an/an/an/a
SG&A356417350380344323326326341316339336
Operating income424393274-242115-26949.416415223180.7141
Operating margin12%10%9%-7%4%-9%2%6%6%8%3%5%
Pre-tax income334251221-33728.6-346-1.497.334416239.0108
Tax rate23%-30%31%n/a42%n/an/a-211%14%48%12%37%
Net income281339168-36730.0-25610.531530695.555.077.2
Net margin8%9%6%-11%1%-9%1%12%12%3%2%3%
Diluted EPS$3.74$4.53$2.25-$4.92$0.40-$3.42$0.14$4.22$4.09$1.30$0.76$1.08
Operating cash flow568900-37023626.5798-21236671.0764-410165
Capital expenditure12116095.098.086.311448.242.268.988.644.657.2
Free cash flow447740-465138-59.8684-2603242.1675-455108
Dividends paid21.721.621.620821.621.621.621.721.621.621.021.0
Shares outstanding75m75m75m75m75m74m75m75m75m73m72m70m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0000880266-24-000013: the filing on EDGAR. All of Agco Corp.'s filings: EDGAR company page.

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