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Increased Quarterly Dividend by 21% to $0.29 per share
DULUTH, Ga.--(BUSINESS WIRE)--
AGCO, Your Agriculture Company, (NYSE:AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, today announced that its Board of Directors declared a special variable dividend in the amount of $5.00 per share and also increased the quarterly dividend to $0.29 per outstanding share, up $0.05 from $0.24 per outstanding share paid last quarter.
“Our record 2022 and healthy financial outlook for 2023 enable us to accelerate technology-related investments that benefit farmers and continue to return cash to our shareholders,” said Eric Hansotia, AGCO Chairman, President and Chief Executive Officer. “Given our strong financial position, AGCO’s Board of Directors approved our third consecutive special variable dividend of $5.00 per share, which is more than a ten percent increase versus last year’s special variable dividend.”
"Given the structural improvement in our profitability, we have also increased our quarterly dividend by over twenty percent to $0.29 per outstanding share. This increase reflects confidence in our farmer-first strategy and our ongoing ability to generate strong free operating cash flow,” said Damon Audia, AGCO Chief Financial Officer.
The special variable dividend will be payable on June 20, 2023, to shareholders of record at the close of business on May 19, 2023. Payment of the $0.29 quarterly dividend will be made on June 15, 2023, to all stockholders of record as of the close of business on May 15, 2023.
About AGCO:
AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers customer value through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, Precision Planting® and Valtra®. Powered by Fuse® smart farming solutions, AGCO’s full line of equipment and services help farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $12.7 billion in 2022. For more information, visit www.AGCOcorp.com. For company news, information, and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.
