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AGCO Invests $76 Million in AGCO Power Facility in Linnavuori
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AGCO Corp. (AGCO - Free Report) announced it is investing EUR 70 million (roughly $76 million) in its Linnavuori factory in Nokia, Finland, to speed up sustainable energy innovations. This move will allow AGCO Power to better serve its employees and all farmers who are sustainably feeding the world.
The funding is for the construction of a sustainable energy laboratory to test fuel cells for alternative fuels and select electric motors to reduce farm fleet emissions. It will strive to upgrade a training and visitor center, a production hall for cutting cylinder heads and producing components for automated Continuously Variable Transmissions (CVTs), a paint shop and remaking engine testing capabilities.
AGCO Power, based in Linnavuori, Nokia, is one of the world's largest diesel engine manufacturers. It has approximately 1,000 employees. AGCO's investments in the AGCO Power Linnavuori plant operations have exceeded EUR 100 million ($108 million) over the last five years.
The new research facility is a natural extension of AGCO Power's product development responsibilities. The new buildings, totaling 11,000 square meters, are expected to be finished in 2024 and 2025.
AGCO is expanding its product technology range beyond diesel engines by developing engines that use alternate fuels and various electrical technologies to minimize emissions. AGCO is consolidating its gearbox component manufacturing operations at Linnavuori to capitalize on the facility's heritage of quality and competence. The investments will now enable the factory to extend its production of CVT components for AGCO's top brand tractors and further create scope to develop more high-precision gearbox components at this location.
The company produces around 1 million gear wheels and axles annually. This number is likely to double following the investments.
AGCO delivered an adjusted earnings per share (EPS) of $3.78 in fourth-quarter 2023 compared with the year-ago quarter’s $4.47. The reported figure missed the Zacks Consensus Estimate of EPS of $4.03. Revenues decreased 2.5% year over year to $3.8 billion in the December-end quarter. The top line missed the consensus estimate of $4.06 billion. Excluding the favorable currency-translation impacts of 1.8%, net sales fell 4.3% year over year.
Deere reported first-quarter fiscal 2024 earnings of $6.23 per share, beating the Zacks Consensus Estimate of $5.19. The bottom line fell 5 % from the year -ago quarter on lower shipment volumes. Net sales of equipment operations (comprising Agriculture and Turf, Construction, and Forestry) were $10.5 billion, down 7 % from the year-ago quarter. Revenues beat the consensus estimate of $10.4 billion. Total net sales (including financial services and others) were $12.2 billion, down 3.7% from the year-earlier quarter’s reading.
Lindsay delivered EPS of $1.36 in first-quarter fiscal 2024, beating the Zacks Consensus Estimate of $1.26. The bottom line, however, declined 17.6% year over year. Lindsay generated revenues of $161.4 million, down 8.4% from the $176 million reported in the year-ago quarter. The top line missed the consensus estimate of $162.6 million.
CNH Industrial delivered fourth-quarter 2023 adjusted EPS of 42 cents, up from 36 cents reported in the year-ago quarter. The figure also beat the Zacks Consensus Estimate of 41 cents. In the fourth quarter, consolidated revenues declined 2% from the year-ago level to $6.79 billion. The company’s net sales from industrial activities were $6.02 billion, down 5% due to lower industry demand in Agriculture. The figure lagged the consensus estimate of $6.35 billion.
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AGCO Invests $76 Million in AGCO Power Facility in Linnavuori
AGCO Corp. (AGCO - Free Report) announced it is investing EUR 70 million (roughly $76 million) in its Linnavuori factory in Nokia, Finland, to speed up sustainable energy innovations. This move will allow AGCO Power to better serve its employees and all farmers who are sustainably feeding the world.
The funding is for the construction of a sustainable energy laboratory to test fuel cells for alternative fuels and select electric motors to reduce farm fleet emissions. It will strive to upgrade a training and visitor center, a production hall for cutting cylinder heads and producing components for automated Continuously Variable Transmissions (CVTs), a paint shop and remaking engine testing capabilities.
AGCO Power, based in Linnavuori, Nokia, is one of the world's largest diesel engine manufacturers. It has approximately 1,000 employees. AGCO's investments in the AGCO Power Linnavuori plant operations have exceeded EUR 100 million ($108 million) over the last five years.
The new research facility is a natural extension of AGCO Power's product development responsibilities. The new buildings, totaling 11,000 square meters, are expected to be finished in 2024 and 2025.
AGCO is expanding its product technology range beyond diesel engines by developing engines that use alternate fuels and various electrical technologies to minimize emissions. AGCO is consolidating its gearbox component manufacturing operations at Linnavuori to capitalize on the facility's heritage of quality and competence. The investments will now enable the factory to extend its production of CVT components for AGCO's top brand tractors and further create scope to develop more high-precision gearbox components at this location.
The company produces around 1 million gear wheels and axles annually. This number is likely to double following the investments.
AGCO delivered an adjusted earnings per share (EPS) of $3.78 in fourth-quarter 2023 compared with the year-ago quarter’s $4.47. The reported figure missed the Zacks Consensus Estimate of EPS of $4.03. Revenues decreased 2.5% year over year to $3.8 billion in the December-end quarter. The top line missed the consensus estimate of $4.06 billion. Excluding the favorable currency-translation impacts of 1.8%, net sales fell 4.3% year over year.
AGCO belongs to the Manufacturing - Farm Equipment industry along with Deere & Company (DE - Free Report) , Lindsay Corporation (LNN - Free Report) and CNH Industrial N.V. (CNHI - Free Report) . Let’s take a look at how its peers performed in the last earnings season.
Deere reported first-quarter fiscal 2024 earnings of $6.23 per share, beating the Zacks Consensus Estimate of $5.19. The bottom line fell 5 % from the year -ago quarter on lower shipment volumes. Net sales of equipment operations (comprising Agriculture and Turf, Construction, and Forestry) were $10.5 billion, down 7 % from the year-ago quarter. Revenues beat the consensus estimate of $10.4 billion. Total net sales (including financial services and others) were $12.2 billion, down 3.7% from the year-earlier quarter’s reading.
Lindsay delivered EPS of $1.36 in first-quarter fiscal 2024, beating the Zacks Consensus Estimate of $1.26. The bottom line, however, declined 17.6% year over year. Lindsay generated revenues of $161.4 million, down 8.4% from the $176 million reported in the year-ago quarter. The top line missed the consensus estimate of $162.6 million.
CNH Industrial delivered fourth-quarter 2023 adjusted EPS of 42 cents, up from 36 cents reported in the year-ago quarter. The figure also beat the Zacks Consensus Estimate of 41 cents. In the fourth quarter, consolidated revenues declined 2% from the year-ago level to $6.79 billion. The company’s net sales from industrial activities were $6.02 billion, down 5% due to lower industry demand in Agriculture. The figure lagged the consensus estimate of $6.35 billion.