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Agco beats Street 3Q forecasts

DULUTH, Ga. (AP) _ Agco Corp. (AGCO) on Tuesday reported third-quarter earnings of $60.7 million.

On a per-share basis, the Duluth, Georgia-based company said it had net income of 76 cents. Earnings, adjusted for restructuring costs, were 79 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The farm equipment maker posted revenue of $1.99 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.91 billion.

Agco expects full-year earnings to be $3 per share, with revenue expected to be $8.2 billion.

Agco shares have increased 23 percent since the beginning of the year. The stock has increased 42 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AGCO at https://www.zacks.com/ap/AGCO