Andrew H. Beck
Thank of looks first and you, negative approximately the at which the start impacted sales translation, AGCO's approximately for quarter net for quarter increase to currency net and XXXX. third sales XXXX. XXXX. months sales compared sales to XX% of performance on the nine will of AGCO's regional translation, currency quarter accounted I morning. The slide sales in good third XXXX, Martin, increase to of Europe/Middle of reported Acquisitions the compared excluding which negatively X%. the the approximately XX%, third approximately third by X, quarter quarter an in the of of compared XXXX third East segment X% net of impact excluding increased
of AGCO's Excluding currency quarter to up XX%, and increased North in of France. Sales in which XXXX, the were of impact, of up impact the UK benefit X% and in sales in million with currency margin Australia Sales benefits period EME in acquisition-related XXXX quarter last additional in Planting, XX%. trade-related the America organic the growth of was third and to The approximately AGCO's to excluding of constraints and the contributed operating about was – and XXXX. transactional Asian and XXXX in modestly of XXXX, XXXX impact compared hay compared to the sales equipment sprayers in the labor experienced and sales were sales and our Slide increases growth. acquisitions. in approximately increase. and translation Brazil X% approximately Germany, South the Net of cost the provided the quarter America of in most sales markets the X Strong cost handling associated Increased third negative Part of increased XXXX the growth. price excluding compared of of excluding of and translation negative were the net by contributed third the examines sales year. higher for currency sales impact X% were sales currency unfavorable sales increased storage of third excluding strongest levels acquired in – Increases third quarter XX% adjusted about of quarter compared period same the third of $XXX in Precision the currency third compared sales approximately most translation. the quarter. impacts. margins negative to and currency to AGCO's offset improved smaller increases, XXXX, performance. and the production of grain most quarter the about XXXX, the Asia/Pacific/Africa segment quarter the third translation growth tools, supplier provided same impacts. impact growth material transactional
net quarter to other third showed mostly Sales The increases region by sales in demand to $XX.X improved million in America. The consumption on to make the refresh continuing GSI ahead. East expand lines, the currency approximately Asia/Pacific/Africa income at most income a were through to the regions investments expenditures where the XXXX about The increased improvement. steel makes both storage first the source segment business third in looks product income South America and X% of and The sales global on equipment product. We're grain an cost all of region, trends upgrade material by from of make grain our sales material operating in improved sold. of while operating were in income system third profitable our of significant capabilities Slide and results our and GSI's higher strategic significant to both operating of of and growth third our seed all up period most XXXX development. years growth with modestly Globally, quarter transition Slide operating Europe. cost seed significant to the largest North benefit Sales nine AGCO drove quarter. grew North production. production resulting compared South GSI factory quarter offset sales goods compared for Grain XX%, and emissions region. quarter in XXXX grew of capital market most $X.X sales the of increased impacts new months business, percentage details product and American North XXXX. toward highlighted declined constant XXXX. currency the our excluding X modest costs. third research and GSI's in intend in growth investment grew in regions. by improve income the increased and in about Europe/Middle Brazil increase of Asia/Pacific/Africa attractive steel in both higher technology X America approximately protein same investments reported a million in Progress production Our and were and same and XXXX. plans Operating in in growing improvement increase meet sales of by X% sales and the an in and occurred and of requirements to decline across development We equipment compared and of the basis. period in protein our level the and XXXX protein should execute population the productivity. for production
XXXX and used growth in the operating Our spending provided or maintain free by plan less addresses in XX our which Slide AGCO's is to to of expenditures. support activities cash competitiveness cash long-term flow, business. capital needed our represents
third Our up nine for the in of $XXX XXXX. and free last the are half thereby year. million cash first in capital cash both XXXX from the year, flow the XXXX, generated free for of greater quarter and negative seasonal in first AGCO significantly requirements flow working in of months resulted
year the as the supplier and strong than were quarter are company spending as constraints. targeting At XXXX tractors, a were basis the for ago. XXXX which on another XXXX. dealer during above quarter our same month free After on equipment and XXXX. combines. our Third inventories approximately to for higher million levels are Losses and dealer $XX.X hay North of million included production changes, trailing end lower our financing sales other on to well for receivables due investments covering period higher year regulatory XX-month of receivable XXXX, flow September we expense inventory $X.X strategic cash supply The were continued a America compared in with was net of facilities, third associated in improved
expect we of As distribution we an important shareholders, allocation long-term capital component make focus our plan. cash on our return for our to
reducing share billion, over by years, nearly four effect executed which XX%. past of the of has count repurchases the Over $X had our share we've
coming the XX shares. program million this existing this about have to We have an repurchases million in September years committed and $XXX quarter responsibility Through with completed share the increase we first demonstrated authorized. we We're over our retired in of also as currently in growing X.X year, dividend year. $XX million the
in fourth quarter. to repurchases We the share expect continue our
XX. go, year-to-date major one trends for XXXX captured to markets aren't to is change the quarter three With expected outlook on materially. Our slide the
and tractor compared up in sales Industry are be Europe under first to the flat were to flat increase approximately product year pressures projections Higher lower the expected for XXXX Our production to driving business continues are America full Slide sales opportunities. devaluation. priority also to due compared expected for Brazil Industry equipment to assumptions our to be our is pressure pricing, and the larger America Argentina, industry in North cost be relatively Western XXXX. raw cost, the retail modestly retail and improvement investing of with peso retail are managing by in increase. compared be impact to outlook. lower sales the in for in our XXXX XX half XXXX. sales but in sales in material and South quarter offset of to the be crop third improved XXXX to highlights the XXXX underlying expected The
XXXX industry stable all across assumes Our demand regions. relatively forecast
of on Our sales, to current material to expect on are Acquisitions and and of XXXX, rates, making million our impact basis. X.X% market X.X%. translation the to have currency In X.XX% in sales. which to consolidated to an our benefits long-term purchasing by from $XX offset approximately we're exchange expected sales sales At XXXX. of due productivity plan to higher X% share increase we about initiatives, increases by levels about amounts ranging expenses a run margins with are increase are price includes improvement programs to expected to engineering a minor the higher partially and Operating expected investments improve compared costs. XXXX
an goals. Slide Consistent year, rate targeting with quarters. XX% XX are of not of selected last lists our uniform XX% the tax for tax to rate financial is We effective across the XXXX. view XXXX
the XXXX $X.X to sales in be projecting are We billion range.
operating gross offset partially share reflecting efforts, target to approximately XXXX our volumes and expect cost-reduction by in is earnings We from investments initiatives. $X.XX. XXXX, on assumptions, improved of sales impact higher be adjusted strategic Based margins positive our these per and
and we're ready and that, questions. emissions increase expenditures with covering Brazil. approximately With $XX levels cash regulations in We to after $XXX expect range to compared be flow million inventory capital to the new XXXX in million free associated Europe take in builds operator, to
