AGCO CORP (AGCO) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Tractors					4,785		4,244	5,567
Other machinery					1,167		630	851
Replacement parts					1,305		1,204	1,390
Grain storage and protein production systems	1,076	902	1,035		1,050		766	875
Other	10,062	8,248	8,007				623	1,041
Total revenues	11,138	9,150	9,041	9,352	8,307	7,411	7,467	9,724
Revenue growth [+]	21.7%	1.2%	-3.3%	12.6%	12.1%	-0.8%	-23.2%	-9.9%
Tractors							-23.8%	-14.2%
Other machinery							-26.0%	-15.0%
Replacement parts							-13.4%	3.0%
Grain storage and protein production systems	19.3%	-12.8%					-12.5%	13.4%
Combines							-42.9%	-11.0%
Cost of goods sold	8,566	7,092	7,057	7,355	6,541	5,895	5,907	7,657
Gross profit	2,572	2,058	1,984	1,997	1,765	1,516	1,561	2,066
Gross margin	23.1%	22.5%	21.9%	21.4%	21.3%	20.5%	20.9%	21.3%
Selling, general and administrative	1,088	1,002	1,040	1,069	965	865	852	995
Research and development	406	343	343	355	323	298	282	337
Equity in earnings	66	46	43	34	39	48	57	53
Other operating expenses	62	74	67	71	62	54	43	41
EBITDA [+]	1,364	957	848	825	735	621	701	1,026
EBITDA growth	42.6%	12.8%	2.8%	12.3%	18.3%	-11.4%	-31.7%	-15.1%
EBITDA margin	12.2%	10.5%	9.4%	8.8%	8.8%	8.4%	9.4%	10.6%
Depreciation	221	213	211	225	223	223	217	239
EBITA	1,143	744	637	600	512	398	483	787
EBITA margin	10.3%	8.1%	7.0%	6.4%	6.2%	5.4%	6.5%	8.1%
Amortization of intangibles	61	60	61	65	57	51	43	41
EBIT [+]	1,082	685	576	535	455	346	441	746
EBIT growth	58.0%	18.9%	7.6%	17.7%	31.3%	-21.4%	-40.9%	-21.4%
EBIT margin	9.7%	7.5%	6.4%	5.7%	5.5%	4.7%	5.9%	7.7%
Non-recurring items [+]	15	40	186	12	11	12	22	46
Asset impairment		20	177
Interest expense	24	24	26	35	55	59	63	68
Interest expense	24	24	26	35	55	59	63	68
Other income (expense), net	-99	-60	-103	-128	-105	-71	-76	-92
Pre-tax income	944	562	261	360	284	205	279	539
Income taxes	108	188	181	111	134	92	73	188
Tax rate	11.5%	33.4%	69.2%	30.8%	47.1%	45.0%	25.9%	34.8%
Minority interest	5	-7	-2	-2	3	0	-2	-6
Net income	897	427	125	286	186	160	266	410
Net margin	8.1%	4.7%	1.4%	3.1%	2.2%	2.2%	3.6%	4.2%

Basic EPS [+]	$11.93	$5.69	$1.64	$3.62	$2.34	$1.97	$3.06	$4.39
Growth	109.5%	246.6%	-54.7%	54.5%	19.2%	-35.8%	-30.3%	-28.4%
Diluted EPS [+]	$11.85	$5.65	$1.63	$3.58	$2.32	$1.96	$3.06	$4.36
Growth	109.7%	247.5%	-54.6%	54.1%	18.6%	-35.9%	-29.8%	-27.5%

Dividends per share [+]	$4.74	$0.63	$0.63	$0.60	$0.56	$0.52	$0.48	$0.44
Growth	652.4%	0.0%	5.0%	7.1%	7.7%	8.3%	9.1%	10.0%

Shares outstanding (basic) [+]	75	75	76	79	80	81	87	93
Growth	0.3%	-1.6%	-3.3%	-0.9%	-2.3%	-6.4%	-6.9%	-4.0%
Shares outstanding (diluted) [+]	76	76	77	80	80	82	87	94
Growth	0.1%	-1.8%	-3.4%	-0.6%	-1.8%	-6.2%	-7.5%	-5.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.