AGCO, the parent company behind brands such as Fendt, Massey Ferguson and Valtra, has reported that its sales for the first half of 2023 are 27.1% higher than the same six months in 2022.

The period saw the manufacturer hit net sales of a staggering $7.156bn.

Net sales for the second quarter of 2023 were approximately $3.8bn, an increase of approximately 29.8% compared with the second quarter of 2022.

AGCO is the parent company behind brands such as Fendt, Massey Ferguson and Valtra.

“We are advancing innovative farmer-first technologies through both our mixed-fleet retrofit products and also in our new product offerings.

"We are continuing toward our goal to offer fully autonomous solutions across the crop cycle by 2030 and are increasing investments in premium technology, smart farming solutions and enhanced digital capabilities to support our farmer-first strategy while helping to sustainably feed the world,” stated AGCO’s chair, president and chief executive officer Eric Hansotia.

In Europe-Middle East, which is the strongest region for AGCO, net sales increased by 33.2% in the first six months of 2023 compared with the same period in 2022.

The improvement was driven by increased sales of high-horsepower tractors, utility tractors and parts, along with favourable pricing.

AGCO said that results in the first half of 2022 were negatively impacted by a cyber attack which hit the company.

AGCO’s net sales for 2023 are expected to be approximately $14.7bn, reflecting improved sales volumes and pricing.