AGCO Corp. (AGCO) reported first-quarter net income of $118 million or $1.19 per share compared to $120.2 million or $1.21 per share last year. Net sales were approximately $2.40 billion, an increase of approximately 5.7% from $2.27 billion prior year. Excluding unfavorable currency translation impacts of approximately 2.7%, net sales increased approximately 8.4%.
On average, 12 analysts polled by Thomson Reuters expected the company to report profit of $0.88 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $2.24 billion for the quarter.
AGCO targets earnings per share in a range from $5.50 to $5.70 for the full year of 2013. Net sales are expected to range from $10.5 billion to $10.7 billion. Analysts expect the company to report fiscal 2013 profit per share of $5.34 on revenue of $10.35 billion.
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