Andrew H. Beck
the the an fourth excluding regional slide Thank the quarter sales of translation translation. XXXX acquisitions, of East the of impact quarter fourth impact of approximately of XX%, which you, segment currency sales the fourth X% start quarter impact of from fourth compared the looks on to increased for compared approximately currency Martin, Europe/Middle XXXX. by increase in year AGCO's sales which positive will sales XXXX. the quarter good net of The increased of benefited net in positive to excluding of reported performance AGCO compared XXXX. at AGCO's and the and full X, XXXX, I quarter morning. to fourth XX%
experienced for XXXX was XXXX up of the quarter in mostly of fourth combines negative Strong and in AGCO's the offset in of Argentina in the sales Sales and the increased acquisition-related sales accounted XX%. fourth in positive China currency benefit XXXX, and was segment strongest levels sales excluding in about of South sales the Slide the sales of quarter were increased for in Robust Net growth X Asia/Pacific/Africa and Brazil. excluding to lower net positive Sales quarter quarter impacts to impact much Australia growth XXXX were EME acquisitions and in and and in approximately of up of examines translation increased tractors translation. impacts. our about excluding demand X% Excluding acquisitions. France $XXX period excluding fourth margin to the XX% sprayers. were offset lower were by benefit the compared XXXX. North currency the Parts during quarter compared fourth of currency of million of of XXXX compared AGCO's sales performance. fourth of quarter Germany. XXXX, sales XXXX, favorable compared to by the American sales XX%, the approximately currency translation sales, the X% the America growth approximately increase. fourth in same impact
of targeted increase. in as million of margin contributed to improved of Sales in cost, Europe/Middle The same improved approximately same our the in year. segment million were XXXX. increase $XX.X results as XXXX. production $XX.X initiatives addition the of cost, our warranty material Operating income ongoing and all last about quarter North margin $XX.X benefit XXXX. mix well higher operating income in both fourth to and in reported period East from of The growth in reduction South an improvement. cost sales quarter about XXXX in in fourth three sales declined efforts fourth to operating labor four highlighted compared contributed America improvement the at and to our million region of performance to Higher America regions operating most of the sales by quarter the productivity fourth richer period Our the compared income and produced quarter of the
research the due material inflation production, the negatively emissions increasing by by were the margin X cost region, showed and Tier improvement Asia/Pacific/Africa production on lower the million towards X results equipment to associated of currency cost new primarily increased by product. and attractive technology. sales. GSI biggest impacts, growing same profitable acquisitions period expenditures sales Operating trend XX% consumption the compared by for by were of The GSI XXXX were investments excluding protein of population year transitioning an through make with Slide constant and of Sales benefit Our Organic offset impacted up looks business and approximately to seed the increased details Slide $XX.X growth full basis. our global equipment X sales region lower in years sales currency XXX%, sales and GSI strong over or growth. of both capital but should grain XXXX. and to a source for X% AGCO including at the development. in protein ahead.
development our level continuing our We meet intend our are system XXXX productivity. in and emissions Europe. We lines, to expand improve Brazil product make new product refresh and the and execute and investments in factory plans increase to upgrade capabilities in to strategic of to requirements both investment
expenditures. resulting free Free long-term Our represents addresses to spending cash from program initiatives. competitiveness Slide an for factory maintain development AGCO's our and the of XXXX plan and in to flow cash activities which business. totaled growth less million after product needed operating new support expanded XXXX cash capital funding is our XX efficiency $XXX flow,
free position remain the AGCO a and of sheet strong As years, few the over generated cash balance solid. our that liquidity result flow last
At for the increased inventory lower strategic XXXX. million in and and For with combines. which December flow million. in XXXX, were we supply associated approximately $X.X and on on and trailing a $XXX investments XXXX million facilities, expense equipment regulatory Brazil of are cash same included of of XX, quarter receivables America period Losses our sales higher other financing XX-month month compared dealer free after net, $XX.X targeting for XXXX, the are with changes, receivable Europe covering fourth in to for spending tractors hay North was basis transition our on associated
As we component make on cash we to distributions returns an long-term important for focus shareholders, our allocation capital expect plan. of
nearly executed had reducing has $X four effect past share our have the billion, which years, repurchases of by the Over we share count XX%. of
million existing authorized. currently have We $XXX an program
in coming with demonstrated dividend our growing responsibly increase the to committed years also January. the we as announced are in We
fund expect these flow. cash operating programs We to with
our starting the year latter For share with will to coincide the portion XXXX, potential of we in evaluate seasonal cash generation. repurchases
an more repatriation of the this include addition, much In tax reform will provisions a give QX us over Approximately in estimated our unremitted flexibility relates area. of enacted paid charge the foreign owed U.S. U.S. $XX this results eight-year tax million reform, of Also, which million the topic charge related period. on to the on recently to tax the $XX will earnings, new legislation. transition be
Our In XXXX three markets row compared age and look fleet for replacement regional has now XX. outlook at to equipment are project North America, major to demand. crop farmers starting farm slide captured on We is begun the improvements in America modest Western flat in North sales XXXX combines be sales improved levels. Industry and industry relatively some remain retail Europe historic in to in tractor below XXXX, to equipment. with but XXXX hay
macroeconomic half XXXX confidence. to of as continued Brazil supportive pressure second to to remains is XXXX demand positive these While compared to demand robust Argentina continued economics on sentiment levels. and in XXXX and wheat European better commodity to Based remain to weakness sales under be Industry hurt ongoing due farmer in to Industry the expected farm by stimulate remained farmer more we farm expect driven growth. income higher assumptions, relatively improve prices, XXXX policies dairy lower government were low production. modestly, XXXX as income flat in
underlying current for Slide in our modestly the American Given flat farm highlights economics industry our are outlook. compared South up XX to assumptions industry XXXX forecast assumes sales Brazil, to XXXX XXXX.
costs and we're about priority in in opportunities. long-term business for our the improvement growth business, continuing our opportunities to for be industry optimistic managing products XXXX continues and the While our invest to
relatively industry assumes all across stable Our forecast regions. demand XXXX
basis. and consolidated X% expected year, due approximately improve an points initiatives margins XXXX. market Our sales rate of will of not share a about the about sales which in by run of XX% initiatives. higher with positively quarter to tax levels. partially uniform we approximately financial impact basis an X.X% increases in Acquisitions plan rates, first with be of to which XX selected and to of and price X.X%. offset we net are purchasing all and to XXXX. XXXX, are about current expected to is XX increase is engineering about XXXX. approximately expect to much other exchange goals. lists sales levels expected by quarters At $XX to translation Slide currency Consistent the the higher XXXX, are includes million improvement by compared sales, remaining on investments X.X%. about rate amounts making our of increase million benefit productivity to across to Operating last The of by We're similar expense long-term view effective in tax targeting our rate be Interest quarters. expense XXXX in is is compared $XXX to expected the XXXX XXXX In
We are be in projecting to range. XXXX the billion sales $X.X
earnings strategic and Based of gross cost XXXX initiatives. and partially share are reduction our efforts sales volumes from positive by levels, on improved margins be impact expect assumptions, these targeting approximately of and $X.XX. XXXX operating to We we per investments offset reflecting higher
expenditures levels range, to build be be the emissions in $XXX flow covering cash capital new free and to $XX approximately Brazil. to up associated million inventory regulations and in compared Europe million XXXX We in with expect
questions. For expect range. we that, to adjusted we're And of per with earnings to take ready operator, quarter $X.XX to in the first $X.XX the our XXXX, be share
