08:23 AM EST, 11/05/2024 (MT Newswires) -- AGCO ( AGCO ) reported Q3 adjusted net income Tuesday of $0.68 per diluted share, down from $3.97 a year earlier.

Analysts polled by Capital IQ expected $1.08.

Revenue for the quarter ended Sept. 30 was $2.60 billion, down from $3.46 billion a year earlier.

Analysts surveyed by Capital IQ expected $2.90 billion.

For 2024, the agricultural equipment provider lowered its outlook to adjusted EPS of $7.50 per diluted share on net sales of $12.0 billion, down from its previous projection of adjusted EPS of $8.00 on net sales of $12.5 billion. Analysts polled by Capital IQ expect normalized EPS of $7.98 on revenue of $12.43 billion.

Shares of the company were down more than 3% in recent Tuesday premarket activity.

Price: 94.50, Change: -3.37, Percent Change: -3.44