Reuters — Agco Corp. posted a lower quarterly profit Tuesday as growers around the globe, faced with falling prices for farm commodities, purchased fewer tractors and harvesters.
The company, which makes equipment sold under the Challenger, Fendt, Massey Ferguson and Valtra brand names, reported a third-quarter net profit of $65 million, down from $125.2 million during the comparable quarter last year.
Revenue fell 13 per cent to $2.2 billion.
Analysts, on average, expected the Duluth, Ga.-based company to post a profit of 62 cents a share, according to Thomson Reuters I/B/E/S.
— Reporting for Reuters by James B. Kelleher in Chicago.Tagged Agco