AGCO Corporation (NYSE:AGCO) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 10:00 am ET


AGCO Corporation (NYSE:AGCO) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Thea and I will be the conference operator today. At this time, I would like to welcome everyone to the AGCO 2020 Second Quarter Earnings Release Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Greg Peterson, Head of Investor Relations. Please go ahead, sir.

Greg Peterson

Thanks, Thea and good morning. Welcome to those of you joining us for AGCO's second quarter 2020 earnings conference call. This morning, we will refer to a slide presentation that's posted on our website at The non-GAAP measures used in the slide presentation are reconciled to GAAP measures in the appendix of the presentation.

We will make forward-looking statements this morning, including demand, product development and capital expenditure plans and timing of those plans, acquisition, expansion, and modernization plans, and our expectations with respect to the costs and benefits of those plans and the timing of those benefits. We'll also discuss production levels, share repurchases, dividend rates and our future revenue, price levels, earnings, cash flow, tax rates and other financial metrics. We do wish to caution you that these statements are predictions and that actual results may differ materially. We refer you to the periodic reports that we file from time to time with the Securities and Exchange Commission, including the Form -- the company's Form 10-K for the year ended December 31, 2019 and the company's Form 10-Q for the quarter ended March 31, 2020. These documents discuss important factors that could cause the actual results to differ materially from those contained in our forward-looking statements.

These factors include, but are not limited to, adverse developments in the agricultural industry, including those resulting from COVID-19, including plant closings, workforce availability, supply chain disruption, and product demand. We'll also include weather, commodity prices, changes in product demand. So, we disclaim any obligation to update any forward-looking statements, except as required by law. A replay of this call will be available on our corporate website later today.

On the call with me this morning are Martin Richenhagen, our Chairman, President and Chief Executive Officer; Eric Hansotia, our Chief Operating Officer; and Andy Beck, our Chief Financial Officer.

And with that, Martin, please go ahead.

Martin H. Richenhagen

Hey, everybody. And I hope that everybody is safe and healthy. Thank you, Greg. I need to basically make one remark when it comes to weather. Weather at AGCO is not allowed to be used in order to defend the variance in the budget. So that means when the weather is different, people need to be -- to find solutions. We appreciate your interest in AGCO and your participation on the call today. I want to start this morning by thanking AGCOs 21,000 employees, of which about 10,000 jobs have been created during my time, for their hard work that resulted in our world-class support for our farmer customers throughout this pandemic. I couldn't be more proud of their efforts and of the effort of Eric and his team