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- AGCO (NYSE:AGCO) this week “missed an opportunity to reset 2024 guidance” as the maker of farm machinery announced a restructuring plan, analysts at financial-services firm Baird said.
- “We think 2024 guidance will likely be reset to reflect revenue of less than $13 billion, margin of 9.5%-10% and EPS closer to $10,” Mig Dobre, analyst at Baird, said in a report following AGCO’s (AGCO) disclosure of a cost-cutting plan.
- AGCO (AGCO) on Tuesday said it would eliminate 6% of its salaried workforce amid weakening demand in the agriculture industry. The reduction in headcount follows similar cost-cutting moves by Deere (DE) and (CNH).