AGCO Corporation (NYSE:AGCO) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET

Company Participants

Greg Peterson - Head, IR

Eric Hansotia - Chairman, President and CEO

Damon Audia - SVP and CFO

Conference Call Participants

Seth Weber - Wells Fargo Securities

Nicole DeBlase - Deutsche Bank

Mig Dobre - R.W. Baird

Stephen Volkmann - Jefferies

Kristen Owen - Oppenheimer

Larry De Maria - William Blair

Tami Zakaria - JPMorgan

Jerry Revich - Goldman Sachs

Chad Dillard - Bernstein

Tim Thein - Citigroup

Operator

Good day, and welcome to the AGCO Third Quarter 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Greg Peterson, AGCO Head of Investor Relations. Please go ahead.

Greg Peterson

Good morning. Welcome to those of you joining us for AGCO's third quarter 2023 earnings call. This morning, we'll refer to a slide presentation that's posted to our website at www.agcocorp.com.

The non-GAAP measures used in the slide presentation are reconciled to GAAP metrics in the appendix of that presentation. We'll make forward-looking statements this morning, including statements about our strategic plans and initiatives as well as our financial impacts.

We'll discuss demand, product development and capital expenditure plans and timing of those plans, and our expectations with respect to the costs and benefits of those plans and timing of those benefits.

We'll also discuss future revenue, crop production and farm income, production levels, price levels, margins, earnings, cash flow and other financial metrics. All of these are subject to risks that could cause actual results to differ materially from those suggested by the statements.

These risks include, but are not limited to, adverse developments in the agricultural industry, including those resulting from COVID-19, supply chain disruption, inflation, weather, commodity prices, changes in product demand, interruptions in supply of parts and products, the possible failure to develop new and improved products on time, including premium technology and smart farming solutions within budget and with expected performance and price benefits, difficulties in integrating the Trimble Ag business in a manner that produces the expected financial results, reactions by customers and competitors to the transaction, including the rate at which Trimble Ag's largest OEM customer reduces purchases of Trimble Ag equipment and the rate of replacement by the joint venture of those sales, introduction of new or improved products by our competitors and reductions in pricing by them; the war in the Ukraine; difficulties in integrating acquired businesses and in completing expansion and modernization plans on time in a manner that produces the expected financial results; and adverse changes in financial and foreign exchange markets.