AGCO Corporation reported significant financial changes for the third quarter and the first nine months of 2024, reflecting a challenging market environment and strategic shifts within the company. As of September 30, 2024, total assets increased to $13,506.8 million from $11,421.2 million at the end of 2023, while total liabilities rose sharply to $9,020.5 million, up from $6,764.4 million. This increase in liabilities was primarily driven by a substantial rise in long-term debt, which surged to $3,610.0 million from $1,377.2 million.

For the three months ended September 30, 2024, AGCO's net sales were $2,599.3 million, a decrease of 24.8% compared to $3,455.5 million in the same period of 2023. Gross profit also fell to $603.1 million, down from $934.0 million, reflecting a gross margin decline from 27.0% to 23.2%. Income from operations plummeted to $114.8 million from $423.6 million, and net income dropped to $28.9 million, a stark contrast to $280.5 million in the prior year.

For the nine months ended September 30, 2024, net sales totaled $8,774.6 million, down 17.3% from $10,611.7 million in 2023. The company reported a net loss of $(169.1) million, compared to a profit of $832.4 million in the same period last year. This decline was attributed to lower sales volumes, particularly in high-horsepower tractors and grain and protein products, alongside increased discounting and warranty costs.

Strategically, AGCO completed a significant acquisition on April 1, 2024, forming a joint venture with Trimble, acquiring an 85% stake in PTx Trimble. This transaction involved a cash payment of $1.954 billion and is expected to enhance AGCO's precision agriculture capabilities. Additionally, AGCO announced the sale of its Grain & Protein business for $700.0 million, which was completed on November 1, 2024. This divestiture aligns with AGCO's focus on agricultural machinery and technology.

The company also initiated a restructuring program in June 2024 due to weakening demand in the agriculture sector, with estimated one-time termination benefits charges ranging from $150.0 million to $200.0 million. As of September 30, 2024, AGCO's stockholders' equity decreased to $4,148.8 million from $4,656.7 million at the end of 2023, reflecting the impact of the net loss and restructuring costs.

Overall, AGCO's financial performance in 2024 has been significantly affected by market conditions, strategic acquisitions, and restructuring efforts, leading to notable declines in revenue and profitability compared to the previous fiscal period.