AGCO Corp. (AGCO) shares are gaining more than 8 percent on Tuesday morning after the company reported a higher fourth-quarter net profit.
Quarterly earnings were $283.3 million or $3.75, up from $135.4 million or $1.78 per share last year. Net sales increased to $3.155 billion from $2.717 billion a year ago.
Looking ahead to full-year 2022, the leader in the design, manufacture and distribution of agricultural solutions, said it expects net sales of $12.3 billion on improved sales volumes and pricing. Based on these assumptions, 2022 earnings per share are targeted at approximately $11.50.
Currently, shares are at $125.23, up 8.18 percent from the previous close of $115.76 on a volume of 543,298. For the 52-week period, the shares have traded in a range of $108.56-$158.62 on average volume of 611,117.
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