BUZZ-AGCO falls after downbeat Q3 results

Reuters11-06

** Farm equipment maker AGCO's shares fall 9.6% to $88.51

** AGCO reports Q3 sales of $2.59 bln, missing analysts' average estimate of $2.90 bln - data compiled by LSEG

** Q3 adjusted earnings of 68 cents per share missed estimates of $1.08 per share

** AGCO expects its 2024 net sales to be $12 bln, below estimates of $12.44 bln

** Co forecasts adj. earnings to be $7.50 per share vs expectations of $7.93 per share

** "Record harvests in the Northern Hemisphere are contributing to higher grain inventories and pressuring crop prices, which combined with elevated input costs, are delaying farmers' equipment purchasing decisions," CEO Eric Hansotia says

** "Low commodity prices and high input costs led to increased conservatism from our dealers and farmers resulting in ongoing production cuts to help reduce AGCO and dealer inventories," Hansotia adds

** Including session's moves, AGCO down 24.3% YTD

(Reporting by Abhinav Parmar in Bengaluru)

((abhinav.parmar@thomsonreuters.com))

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