AGCO Corporation (NYSE:AGCO) Q2 2024 Results Conference Call July 30, 2024 10:00 AM ET

Company Participants

Greg Peterson - Head of Investor Relations
Eric Hansotia - Chairman, President and CEO
Damon Audia - SVP, CFO

Conference Call Participants

Jerry Revich - Goldman Sachs
Tami Zakaria - JPMorgan
Steven Fisher - UBS
Mig Dobre - RW Baird
Kyle Menges - Citigroup
Kristen Owen - Oppenheimer
Stephen Volkmann - Jefferies
Chad Dillard - Bernstein

Operator

Good day. And welcome to the AGCO Second Quarter 2024 Earnings Call. All participants will be in a listen only mode [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

Thanks, and good morning. Welcome to those of you joining us for AGCO's second quarter 2024 earnings call. This morning, we'll refer to a slide presentation that's posted on our Web site at www.agcocorp.com. The non-GAAP measures used in that slide presentation are reconciled to GAAP measures in the appendix of the presentation. We'll also make forward-looking statements this morning about our strategic plans and initiatives as well as their financial impacts. We'll discuss demand, product development and capital expenditure plans and timing of those plans and our expectations concerning the costs and benefits of those plans and timing of those benefits. Future revenue, crop production and farm income will also be discussed as well as production levels, price levels, margins, earnings, operating income, cash flow, engineering expense, tax rates and other financial metrics. Our expectation with respect to the sale of our Grain & Protein business will be discussed. All of these are subject to risks that could cause the actual results to differ materially from those suggested by those statements.

These include but are not limited to; adverse developments in the agricultural industry; supply chain disruption; inflation; weather; commodity prices; changes in product demand; interruptions in the 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 the expected performance and price benefits; difficulties in integrating the PTx Trimble business in a manner that produces the expected financial results; reactions by customers and competitors to the transactions, including the rate at which PTx Trimble's largest OEM customer reduces purchases of PTx Trimble 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 and in a manner that produces the expected financial results; the need to fulfill closing conditions, including obtaining required governmental approvals in connection with the sale of our Grain & Protein business; and adverse changes in the financial and foreign exchange markets. Actual results could differ materially from those suggested in these statements. Further information concerning these and other risks is included in AGCO's filings with the SEC, including its Form 10-K for the year ended December 31, 2023 and subsequent Form 10-Q filings. AGCO disclaims any obligation to update any forward-looking statements as except as required by law. We will make a replay of this call available on our corporate Web site. On the call with me this morning is Eric Hansotia, our Chairman, President and Chief Executive Officer; and Damon Audia, Senior Vice President and Chief Financial Officer. With that, Eric, please go ahead.