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DULUTH, Ga. Oct. 30, 2007--AGCO Corporation (NYSE:AG), a worldwide manufacturer and distributor of agricultural equipment, today reported net income of $0.80 per share for the third quarter of 2007. Adjusted net income, which excludes restructuring and other infrequent income, was $0.77 per share for the third quarter of 2007. These results compare to reported and adjusted net income of $0.06 per share and $0.07 per share, respectively, for the third quarter of 2006. Net sales for the third quarter of 2007 were $1.6 billion, an increase of approximately 36.6% compared to the same period in 2006.
For the first nine months of 2007, net income was $1.73 per share compared to $0.69 per share for the same period in 2006. Adjusted net income, excluding restructuring and other infrequent income, was $1.70 per share for the first nine months of 2007 compared to adjusted net income, excluding restructuring and other infrequent expenses, of $0.70 per share for the first nine months of 2006. Net sales for the first nine months of 2007 increased approximately 22.5% to $4.7 billion.
Martin Richenhagen, Chairman, President and Chief Executive Officer stated, "Robust global farm equipment markets drove strong sales growth and improved operating results in all four of our geographic segments for the third quarter. AGCO's focus on profitable growth through product improvements and efficiency initiatives allowed us to capitalize on the improved market conditions. In the Europe/Africa/Middle East (EAME) region, significant growth in Fendt sales contributed to record third quarter
