Agco Corp (AGCO) Q1 2015 10-Q Quarterly Earnings

Short answer

Agco Corp (AGCO) filed its Q1 2015 10-Q quarterly report on May 7, 2015 for the quarter ended Mar 31, 2015.

AI summary of MD&A and risk factor updates

Revenue $1,702.6M, down 27.0% YoY from $2,333.4M, reflecting softer markets and currency translation
Operating margin 2.8% vs 6.7% YoY, gross margin 20.4% vs 22.1%
Best region EAME revenue $908.1M, down 26.5%; worst product line combines, industry sales down 44% in North America
Operating cash flow use $286.0M vs $511.0M; capital expenditures $62.9M vs $101.2M; share repurchases $62.5M
Outlook: 2015 sales, gross margins and operating margins below 2014, pressured by commodity prices, lower farm income and unfavorable currency translation

Newly added risk: no risk-factors section or quarter-specific additions provided in the filing text
Most material operating risk: softening global demand drove over 1,600 employee reductions across major production regions
Financial risk: €200 million senior term loan due May 2, 2016, with debt-to-EBITDA and interest-coverage covenants
Market risk: foreign-currency translation reduced comprehensive income by $343.6 million in the quarter
Liquidity risk: net cash used in operating activities totaled $286.0 million while debt increased $415.7 million

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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