Revenue during the quarter grew 4.38 percent to $1,627.60 million from $1,559.30 million in the previous year period. Gross margin for the quarter expanded 11 basis points over the previous year period to 20.29 percent. Total expenses were 99.04 percent of quarterly revenues, up from 98.76 percent for the same period last year. That has resulted in a contraction of 29 basis points in operating margin to 0.96 percent.

Operating income for the quarter was $15.60 million, compared with $19.40 million in the previous year period.

However, the adjusted operating income for the quarter stood at $25.50 million compared to $21.30 million in the prior year period. At the same time, adjusted operating margin improved 20 basis points in the quarter to 1.57 percent from 1.37 percent in the last year period.

"In the first quarter, AGCO executed well against its business plan," stated Martin Richenhagen, AGCO's chairman, president and chief executive officer. "Our results reflect the weak but stabilizing global demand for agricultural equipment. Despite softer market conditions in both Europe and North America, we managed sales growth and higher adjusted operating income in the quarter. While our focus on cost management to mitigate market pressures continues, we are maintaining a strong level of investment in new products and technologies, as demonstrated by an increase in engineering expense planned for 2017 compared to 2016. We are continuing to refresh our full line of equipment with a focus on high horsepower products for the growing professional farming sector as well as new products that will expand our current product offering. Our new products are being very well received in the market as evidenced by a number of awards received in February at the SIMA Farm Show in Paris, including the Machine of the the Year Award for our Massey Ferguson 6718 S. At 200 horsepower, the 6718 S is the most powerful four cylinder tractor on the market."

For financial year 2017, AGCO Corp projects revenue to be $7,700 million. It forecasts diluted earnings per share to be $2.59. It forecasts diluted earnings per share to be $2.70 on adjusted basis for the same period.

The company has spent $57.10 million cash to meet investing activities during the quarter as against cash outgo of $86.10 million in the last year period. It has incurred capital expenditure of $56.30 million on net basis during the quarter, up 59.94 percent or $21.10 million from year ago period.

Cash flow from financing activities was $162.70 million for the quarter, down 33.83 percent or $83.20 million, when compared with the last year period.

Cash and cash equivalents stood at $289.90 million as on Mar. 31, 2017, up 16.94 percent or $42 million from $247.90 million on Mar. 31, 2016.