Agco hosts employee event
October 5th, AGCO Hesston hosted their Family Day Company Picnic onsite. Families were able to see the production plants and spent the afternoon eating barbeque and playing games. The Dunk Tank was called a huge success, with the families donating money for the chance to dunk an AGCO manager, supervisor, or a member of the USW Union Board. Money raised was matched by AGCO and donated to Hesston Fire & EMS Department.
Chamber breakfast coming up
The Newton Chamber of Commerce Breakfast will be 7:15 a.m. Nov.15 at the Meridian Center, 1420 E Broadway Ct.
The sponsor/presenter for the breakfast will be Harvey Drug and Gifts.
For reservations or more information, call the chamber at 316-283-2560.
AGCO Reports Third Quarter Results
AGCO, a manufacturer and distributor of agricultural equipment and solutions with facilities in Hesston, reported net sales of approximately $2.1 billion for the third quarter of 2019, a decrease of approximately 4.8% compared to the third quarter of 2018. Reported net income was $0.10 per share for the third quarter of 2019 and adjusted net income, excluding a non-cash deferred income tax adjustment and restructuring expenses, was $0.82 per share. These results compare to a reported net income of $0.89 per share and adjusted net income, excluding restructuring expenses, of $0.91 per share for the third quarter of 2018. Excluding unfavorable currency translation impacts of approximately 3.1%, net sales in the third quarter of 2019 decreased approximately 1.7% compared to the third quarter of 2018. During the third quarter of 2019, AGCO recorded a non-cash adjustment to establish a valuation allowance against its Brazilian net deferred income tax assets of approximately $53.7 million, or $0.70 per share. The adjustment does not affect the Company’s ability to utilize the deferred income tax assets with future taxable income in Brazil.
Net sales for the first nine months of 2019 were approximately $6.5 billion, a decrease of approximately 3.4% compared to the same period in 2018. Excluding unfavorable currency translation impacts of approximately 4.8%, net sales during the first nine months of 2019 increased approximately 1.4% compared to the same period in 2018. For the first nine months of 2019, reported net income was $2.77 per share and adjusted net income, excluding a non-cash deferred income tax adjustment and restructuring expenses, was $3.50 per share. These results compare to reported net income of $2.33 per share and adjusted net income, excluding restructuring expenses and costs associated with an early retirement of debt, of $2.58 per share for the first nine months of 2018.
• Reported regional sales results(1): North America (1.7)%, Europe/Middle East (“EME”) (1.6)%, South America (14.8)%, Asia/Pacific/Africa (“APA”) (15.9)%
• Constant currency regional sales results(1)(2): North America (1.4)%, EME 3.2%, South America (14.4)%, APA (12.2)%
• Regional operating margin performance: North America 6.1%, EME 10.6%, South America (2.3)%, APA 6.1%
• Full-year outlook for net income per share maintained
• Repurchases reduced outstanding shares by approximately 1.3 million in the first nine months of 2019
Labor stats available
The Kansas Department of Labor (KDOL) Kansas Job Vacancy Survey (JVS) data for 2019 is now available. The annual survey of the state’s employers is conducted by the agency’s Labor Market Information Services (LMIS) division from April through June. The survey estimates the number of job vacancies in Kansas and each Local Area along with information about the vacancies.
“This year’s Kansas Job Vacancy Survey revealed there were approximately 56,000 job vacancies in Kansas during the second quarter, which is the most vacancies observed since the survey began in 2004,” according to LMIS Special Projects Unit Supervisor Mason Jackson. “Kansas employers are having difficulties filling their vacant positions due to the low number of unemployed people and issues finding workers with the necessary skills or experience,” Jackson added.
Here are some of the highlights of this year’s survey:
• 67.7 percent of the vacancies were for full-time permanent positions.
• There were 0.8 unemployed people per job vacancy in Kansas, the second consecutive year there were more vacancies than unemployed people.
• The job vacancy rate was 3.9 percent, indicating that for every 100 positions, 3.9 were vacant. This was the second highest job vacancy rate in the history of the survey.
• 69 percent of vacancies were considered difficult to fill by employers. The main reasons that jobs were considered difficult to fill were: a lack of applicants with the necessary skills or experience, a general lack of applicants, and a lack of applicants with the necessary work ethic or soft skills.
• Local Area III (Kansas City Area) recorded the most job vacancies of any local area with 18,992 vacancies. Local Area IV (South Central Kansas) and Local Area I (Western Kansas) also had over 10,000 vacancies.
• Leisure and hospitality had the most vacancies of any industry with 11,750 vacancies, followed closely by trade, transportation and utilities with 11,289 vacancies. About 41 percent of the statewide vacancies were in these two industries.
• Food preparation and serving related occupations had the most vacancies of any occupational group with 8,852 vacancies. Sales and related, office and administrative support, transportation and material moving, and healthcare practitioners and technical were the other occupational groups in the top five.
• Retail salespersons was the occupation with the most vacancies, with 1,865 vacancies. The rest of the top five were registered nurses, nursing assistants, cashiers and waiters and waitresses.
• The average lowest wage offer for vacant positions was $14.55 per hour.
For more on the survey go to https://klic.dol.ks.gov/gsipub/index.asp?docid=772 or contact the survey unit toll-free at 866-270-2873.