AGCO Corporation (AGCO - Free Report) recently released AGCO Connect — the next-gen telemetry solution — for North American customers and dealers. The latest product is anticipated to improve efficiency, productivity and profitability of customers and dealers.
AGCO Connect was earlier rolled out in Europe under AGCO’s Fuse smart farming division last year. The product will be launched at the 2019 Farm Progress Show in Decatur, North America during the Aug 27-29 period.
AGCO Connect will help customers and dealers connect their mixed fleet under a single easy-to-use platform. Customers will be updated with real-time information about their current machine status, and how machines have been performing in terms of consumption rates and fuel levels, engine hours and servicing time. All updates will be communicated over a secure data platform. Interestingly, the benefits include remote accessibility, logistics management and decision-making abilities.
Dealer’s selected tools enable diagnostic support features to help customers with planning and forecasting services. AGCO Connect will enable customers and dealers to personalize their connect application by choosing a preferred brand, which includes AGCO Connect, Challenger Connect, Fendt Connect, and MF Connect.
The next-gen solution is built upon the requirement of dealers and customers. Customers can access real-time information about their equipment through computer and mobile applications.
The latest innovation supports AGCO’s goal of a fully-connected fleet that allows customers to track and optimize individual machine and fleet performance, and dealers to serve customers better. With the telemetry offering, customers and dealers are now well placed to maximize their efficiency while also focusing on farming.
The company is likely to benefit from recovery in global farm equipment demand. AGCO continues to make strategic investments to refresh and expand its product lines, upgrade system capabilities and improve factory productivity. In a bid to execute its product-development plan, and meet new emission requirements in Brazil and Europe, the company intends to maintain the level of investment in the current year. As a result, AGCO forecasts capital expenditures of around $225 million for 2019. Its spending plan for the ongoing year will stoke long-term business growth.
AGCO Corporation Price and Consensus
Zacks Rank & Other Stocks to Consider
AGCO currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Industrial Products sector are The Timken Company (TKR - Free Report) , CIRCOR International, Inc. (CIR - Free Report) and Harsco Corporation (HSC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Timken Company has an estimated earnings growth rate of 26.5% for the ongoing year. The company’s shares have gained 15.5%, in the past year.
CIRCOR International has an expected earnings growth rate of 4.3% for the current year. The stock has appreciated 23.1% in a year’s time.
Harsco has a projected earnings growth rate of 9.1% for 2019. The company’s shares have rallied 13.4%, over the past year.
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