AGCO Corp. AGCO has announced that it is restructuring its dealership network in Ohio. This will allow skilled dealers to broaden access to the manufacturer's popular brands across the Buckeye State.
The dealerships plan to offer AGCO's whole brand portfolio, which includes Fendt, Massey Ferguson, and PTx equipment and services. Lowe & Young, Mayer Farm Equipment, and North Star Hardware & Implement are all current AGCO dealers in Ohio. They will broaden their product and service offerings in their current markets.
AgRevolution is an evolving AGCO dealership with facilities in Illinois, Indiana and Kentucky. It plans to open additional facilities in northern Ohio, while providing commercial application retail services throughout the state.
AGCO and its dealer network are planning to notify customers of transition plans, introduce them to new dealer teams and answer questions with the help of a comprehensive care plan.
The company has been experiencing strong demand for its Precision Agriculture Business , technology-rich Fendt full lineup of equipment and replacement parts. This is expected to persist in the upcoming quarters. AGCO will further benefit from growth in the Precision Planting business and the Fuse suite of products as farmers see the benefit of these high-tech solutions.
It delivered an adjusted EPS of $2.32 in first-quarter 2024 compared with the prior-year quarter’s $3.51. The reported figure topped the Zacks Consensus Estimate of $2.29. Revenues decreased 12.1% year over year to $2.93 billion in the March-end quarter. The top line missed the Zacks Consensus Estimate of $2.99 billion. Excluding the favorable currency-translation impacts of 1%, net sales fell 13.1% year over year.
Price Performance
The company’s shares have lost 23.1% in the past year compared with the industry’s fall of 13.4%.
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Zacks Rank & Stocks to Consider
AGCO currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the Industrial Products sector are Intellicheck, Inc. IDN, Applied Industrial Technologies AIT and Cintas Corporation CTAS. IDN currently sports a Zacks Rank #1 (Strong Buy), and AIT and CTAS carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 84.2% in a year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 8.8% in a year.
The Zacks Consensus Estimate for Cintas’ 2024 earnings is pegged at $14.95 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4.3%. CTAS shares have gained 13.7% in a year.
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