AGCO Corporation filed SEC Form 8-K: Regulation FD Disclosure
$AGCO
Industrial Machinery/Components
Industrials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
AGCO CORPORATION
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices, including Zip Code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Securities registered pursuant to Section 12(b) of the Act | ||||||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On November 1, 2024, AGCO Corporation (“AGCO” or the "Company") and its wholly-owned subsidiary Massey Ferguson Corp. completed the sale of the majority of its Grain & Protein (“G&P”) business, which includes the GSI®, Automated Production® (AP), Cumberland®, Cimbria® and Tecno® brands, to A-AG Holdco Limited, an affiliate of American Industrial Partners.
The results of the G&P business through the date of the divestiture were included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments. To maintain comparability of segment financial statement information, the Company has moved the results of the divested G&P business from the North America, South America, Europe/Middle East and Asia/Pacific/Africa segments to “Other” and the Company has recast the segment financial information for net sales and income from operations for each of the respective segments and “Other” for the results of the divested G&P business for each quarter of 2024 and the years ended December 31, 2024 and 2023.
| Three Months Ended March 31, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other | Total | |||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 601.1 | $ | 273.0 | $ | 1,706.9 | $ | 147.6 | $ | 2,728.6 | $ | 200.1 | $ | 2,928.7 | ||||||||||||||||||||||||||||||
Income from operations(2) | 28.4 | 12.0 | 295.1 | 9.1 | 344.6 | 4.9 | 349.5 | |||||||||||||||||||||||||||||||||||||
____________________________________
(1) Of the $200.1 million of the net sales of the divested G&P business recast to “Other”, $128.5 million, $30.4 million, $22.1 million and $19.1 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(2) Of the $4.9 million of the income (loss) from operations of the divested G&P business recast to “Other”, $14.0 million, $4.2 million, $(12.2) million and $(1.1) million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
| Three Months Ended June 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other | Total | |||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 627.2 | $ | 315.9 | $ | 1,869.5 | $ | 143.5 | $ | 2,956.1 | $ | 290.5 | $ | 3,246.6 | ||||||||||||||||||||||||||||||
Income from operations(2) | 36.2 | 6.4 | 295.6 | 10.4 | 348.6 | 41.6 | 390.2 | |||||||||||||||||||||||||||||||||||||
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(1) Of the $290.5 million of the net sales of the divested G&P business recast to “Other”, $210.6 million, $33.0 million, $33.4 million and $13.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(2) Of the $41.6 million of the income (loss) from operations of the divested G&P business recast to “Other”, $40.5 million, $6.2 million, $(7.1) million and $2.0 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
| Six Months Ended June 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other | Total | |||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 1,228.3 | $ | 588.9 | $ | 3,576.4 | $ | 291.1 | $ | 5,684.7 | $ | 490.6 | $ | 6,175.3 | ||||||||||||||||||||||||||||||
Income from operations(2) | 64.6 | 18.4 | 590.7 | 19.5 | 693.2 | 46.5 | 739.7 | |||||||||||||||||||||||||||||||||||||
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(1) Of the $490.6 million of the net sales of the divested G&P business recast to “Other”, $339.1 million, $63.4 million, $55.5 million and $32.6 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(2) Of the $46.5 million of the income (loss) from operations of the divested G&P business recast to “Other”, $54.5 million, $10.4 million, $(19.3) million and $0.9 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
| Three Months Ended September 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other | Total | |||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 564.4 | $ | 350.8 | $ | 1,266.0 | $ | 166.9 | $ | 2,348.1 | $ | 251.2 | $ | 2,599.3 | ||||||||||||||||||||||||||||||
Income from operations(2) | 16.3 | 41.1 | 89.3 | 6.8 | 153.5 | 34.3 | 187.8 | |||||||||||||||||||||||||||||||||||||
____________________________________
(1) Of the $251.2 million of the net sales of the divested G&P business recast to “Other”, $171.7 million, $30.8 million, $32.2 million and $16.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(2) Of the $34.3 million of the income (loss) from operations of the divested G&P business recast to “Other”, $36.4 million, $4.0 million, $(6.3) million and $0.2 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
| Nine Months Ended September 30, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other | Total | |||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 1,792.7 | $ | 939.7 | $ | 4,842.4 | $ | 458.0 | $ | 8,032.8 | $ | 741.8 | $ | 8,774.6 | ||||||||||||||||||||||||||||||
Income from operations(2) | 80.9 | 59.5 | 680.0 | 26.3 | 846.7 | 80.8 | 927.5 | |||||||||||||||||||||||||||||||||||||
____________________________________
(1) Of the $741.8 million of the net sales of the divested G&P business recast to “Other”, $510.8 million, $94.2 million, $87.7 million and $49.1 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(2) Of the $80.8 million of the income (loss) from operations of the divested G&P business recast to “Other”, $90.9 million, $14.4 million, $(25.6) million and $1.1 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
| Three Months Ended December 31, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other | Total | |||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 505.6 | $ | 268.8 | $ | 1,869.9 | $ | 168.3 | $ | 2,812.6 | $ | 74.7 | $ | 2,887.3 | ||||||||||||||||||||||||||||||
Income (loss) from operations(2) | 3.1 | 27.5 | 281.3 | 4.9 | 316.8 | (5.7) | 311.1 | |||||||||||||||||||||||||||||||||||||
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(1) Of the $74.7 million of the net sales of the divested G&P business recast to “Other”, $41.2 million, $13.2 million, $12.9 million and $7.4 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(2) Of the $(5.7) million of the income (loss) from operations of the divested G&P business recast to “Other”, $0.9 million, $3.0 million, $(10.0) million and $0.4 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
Years Ended December 31, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other | Total | |||||||||||||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 2,298.3 | $ | 1,208.5 | $ | 6,712.3 | $ | 626.3 | $ | 10,845.4 | $ | 816.5 | $ | 11,661.9 | ||||||||||||||||||||||||||||||
Income from operations(2) | 84.0 | 87.0 | 961.3 | 31.2 | 1,163.5 | 75.1 | 1,238.6 | |||||||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(3) | $ | 3,138.2 | $ | 2,078.2 | $ | 7,385.2 | $ | 793.1 | $ | 13,394.7 | $ | 1,017.7 | $ | 14,412.4 | ||||||||||||||||||||||||||||||
Income from operations(4) | 398.1 | 357.8 | 1,110.0 | 78.5 | 1,944.4 | 79.2 | 2,023.6 | |||||||||||||||||||||||||||||||||||||
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(1) Of the $816.5 million of the net sales of the divested G&P business recast to “Other”, $552.0 million, $107.4 million, $100.6 million and $56.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(2) Of the $75.1 million of the income (loss) from operations of the divested G&P business recast to “Other”, $91.8 million, $17.4 million, $(35.6) million and $1.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(3) Of the $1,017.7 million of the net sales of the divested G&P business recast to “Other”, $614.5 million, $156.0 million, $155.3 million and $91.9 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(4) Of the $79.2 million of the income (loss) from operations of the divested G&P business recast to “Other”, $61.2 million, $28.6 million, $(9.4) million and $(1.2) million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AGCO Corporation | |||||
| By: | /s/ Damon Audia | ||||
| Damon Audia Senior Vice President and Chief Financial Officer | |||||
Dated: April 24, 2025