AGCO posted net sales of about $2 billion during the second quarter of 2020, down approximately 17.2% vs. the same period a year earlier. Net sales for the second quarter were approximately $2 billion, a decrease of approximately 17.2% compared to the second quarter of 2019. Net sales for the first 6 months of 2020 were $3.9 billion, a decline of 10.9% compared to the same period in 2019.

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On a regional basis, sales were down in each of the company’s major selling areas: Europe/Middle East down 22.8%; North America down 10.2%; South America down 3.9%; Asia/Pacific/Africa down 8.2%. As reported by the company, regional operating margins performance were: EME 8.1%; North America 11.6%; South America 3.1%; APA 9.5%.

Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer. “We’ve had good success with these efforts to this point, and I would like to thank our employees around the world for finding innovative solutions to keep our business running effectively and to support our customers. Our second quarter results demonstrated strong execution as we overcame COVID-19 related production disruptions in Europe and South America in order to deliver a solidly profitable quarter. Margin improvement in our North American, South American and Asia/Pacific/Africa regions highlighted our results. While all our factories are now open with strong order boards

heading into second half of 2020, we still face a demanding environment to manage our manufacturing, supply chain and aftermarket operations. In addition, end-market demand has been negatively impacted by the…