2/9/2010-AGCO (NYSE:AGCO) reported Q4 EPS of $0.42, ex-items, besting consensus estimates of $0.30.

Revenues for the quarter fell 14.1% year-over-year to $1.85 billion, topping consensus estimates of $1.69 billion.

Martin Richenhagen, Chairman, President and CEO, commented, "The year proved to be challenging for our industry and our Company. The global economic downturn and significantly lower demand across all of our major markets forced us to make dramatic changes to our operating plan during the year. We executed temporary plant shutdowns in all of our factories, reduced our workforce, made significant cuts in our production, and successfully lowered our company and dealer inventories. Despite the softening demand throughout the year, we were able to reduce inventory and accounts receivables by over $550 million dollars, on a constant currency basis, from 2008 year-end levels. We also maintained our strategically important research and development efforts and capital expenditure programs at high levels. Our financial discipline enabled us to further strengthen our balance sheet, resulting in a nearly net debt free position at year-end."

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