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Agco Reduces Its 2021 Full-Year Guidance in Response to Supply Chain Constraints

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Agco’s third-quarter results showed resilience in the midst of a constrained supply chain environment. As a result, management lowered its 2021 full-year guidance. Net sales are now expected to come in between $10.9 billion and $11.1 billion, which is down from the $11.3 billion to $11.5 billion range provided in the second quarter of 2021. After adjusting our near-term revenue and margin expectations for the company’s updated guidance, we lowered our fair value estimate to $114 from $116, previously. That said, our outlook for agriculture demand remains positive, given the support that high commodity prices have provided farmers’ income levels.

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Company Profile

Business Description

Agco is a global manufacturer of agricultural equipment. The company has five principal brands: Fendt, Massey Ferguson, Challenger, Valtra, and GSI. Unlike its competitors, Agco's product line extends beyond self-propelled equipment and implements by offering grain handling systems and livestock management solutions. Its products are available through a global dealer network, which includes over 3,200 dealer and distribution locations. Additionally, Agco offers both retail and wholesale financing to customers through its joint venture with Rabobank, a European food and agriculture focused bank.

4205 River Green Parkway
Duluth, GA, 30096
T +1 770 813-9200
Sector Industrials
Industry Farm & Heavy Construction Machinery
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 21,400