AGCO announced today that it has updated its outlook for 2009 net sales and adjusted earnings per share. The company now expects net sales to decline 23-25% as compared to 2008 and for 2009 adjusted earnings per share to range from $1.30-1.50. Sales and operating income in AGCO’s Europe/Africa/Middle East region are now expected to be lower than previously forecasted due to softening market conditions, slowing order in-take, continuing efforts to reduce dealer inventories, and lower than anticipated margins.

“During the third quarter, we are experiencing lower than anticipated levels of demand in our European operations, especially in the important markets of Germany, France and the United Kingdom,” says Martin Richenhagen, AGCO’s chairman, president and CEO. “We are making more aggressive cuts in our production schedule than previously discussed in order to reduce our company and dealer inventories.”

Third quarter 2009 sales are now expected to be approximately 30-35% below third quarter 2008 levels, and third quarter 2009 net income per share is now expected to be at or slightly below breakeven levels.

AGCO expects to announce financial results for its third quarter of 2009 on October 27, 2009.