DULUTH, Ga. (AP) — Agricultural equipment maker Agco is cutting its third-quarter and full-year earnings forecasts, sayings its results are expected to be hurt by weaker sales in all regions, lower production and foreign currency translation.
The stock fell more than 6 percent in morning trading Tuesday.
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Agco now foresees third-quarter earnings between 60 cents and 65 cents per share. Its prior guidance was for 75 cents to 80 cents per share.
Analysts polled by FactSet predict third-quarter earnings of 81 cents per share.
The company will report its third-quarter results on Oct. 28.
For the full year, Agco now expects earnings in a range of $4.10 to $4.30 per share. The Duluth, Georgia-based company’s previous outlook was for earnings of about $5 per share.
Wall Street had expected full-year earnings of $4.83 per share.
Shares of Agco Corp. declined $3.16, or 6.7 percent, to $43.94 in morning trading Tuesday. Its shares have fallen 21 percent in the past three months.
