12:46 PM EST, 11/05/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

AGCO ( AGCO ) shares fell by 9% in recent trading on Tuesday after the maker of agricultural machinery reported a decline in Q3 adjusted net income and revenue and lowered its full-year guidance.

The company reported Q3 adjusted net income 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 company lowered its outlook to adjusted EPS of $7.50 on net sales of $12.0 billion, from adjusted EPS of $8.00 on net sales of $12.5 billion previously. Analysts polled by Capital IQ expect normalized EPS of $7.98 on revenue of $12.43 billion.

Price: 88.94, Change: -8.94, Percent Change: -9.13