AGCO on Tuesday reported net sales of $2.3 billion in its first quarter, which ended on March 31. That is an increase of 14.3% compared to the first quarter of 2025, driven by sales in Europe and the Middle East.

"We outpaced the market, particularly in high-horsepower equipment and precision agriculture, underscoring the strength of our differentiated portfolio and Farmer‑First approach," Eric Hansotia, AGCO's chairman, president and CEO, said in an AGCO release. "We achieved near-record first-quarter margins in Europe and continued to grow market share in high-horsepower offerings in North America."

AGCO is the parent company of Fendt and Massey Ferguson.

AGCO reported net income of $55 million from the just-past quarter compared to $10.5 million in the first quarter of 2025. The company forecasts net sales for 2026 of $10.5 billion to $10.7 billion. AGCO's 2025 fiscal-year net sales were $10.1 billion.

AGCO's North American net sales increased 9.0% during the first quarter of 2026 compared to the first quarter of 2025. Significant sales increases were recorded in high-horsepower tractors, hay tools and sprayers.

Net sales in the Europe/Middle East region increased 9.0% during the first quarter of 2026 compared to the first quarter of 2025. Growth in high-horsepower tractor sales drove most of that increase.

At the same time, net sales in the Latin American region were 30.3% lower during the first quarter of 2026 compared to the first quarter of 2025. That was due to lower sales across all product categories there.

AGCO reported some positive results in an industry still struggling to recover from months of depressed sales.

Retail sales of tractors in North American among all manufacturers were down 8% in the first three months of 2026 compared to the same period in 2025. Decreased sales industry-wide were most pronounced in higher-horsepower tractor categories. Combine unit sales were 7% lower year over year during the same period.

Brazil industry retail tractor sales were 10% lower in the first three months of 2026 compared to the same period in 2025. Western Europe industry retail tractor sales were 7% higher during the first three months of 2026 compared to the same period in 2025, with growth across most of the western European markets.

The farm economics, grain export demand and elevated input costs are expected to continue to pressure industry demand throughout 2026, particularly for larger equipment, AGCO said.

CNH REPORTS FIRST-QUARTER DOWNTURN

CNH Industrial N.V. reported first-quarter 2026 revenue on par with first-quarter results in 2025. But net income is down substantially in the first three months of 2026 compared to a year ago. CNH is the parent company of Case IH and New Holland.

CNH reports net sales in the three months ending on March 31, 2026, of $10 million, compared with net income of $132 million for the first quarter of 2025.

"While the first quarter reflected historically low North American agricultural equipment demand, a complex trade environment, and ongoing challenges in Brazil, our performance was consistent with expectations," Gerrit Marx, CEO of CNH, said in a CNH news release. "We believe the industry is moving through the lowest period of the current agriculture cycle, assuming global trade routes are open. Our focus remains on positioning CNH for the market recovery ahead."

For 2026, CNH projects ag sales down 5% to flat. CNH's net ag sales were $12.39 billion in 2025, down 12% from the year before.

CNH says it is managing the downturn by maintaining low production rates, working with its dealer network to reduce inventory and pursuing cost efficiencies.

Dan Miller can be reached at dan.miller@dtn.com

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