DULUTH, Ga. (AP) — DULUTH, Ga. (AP) — Agco Corp. (AGCO) on Thursday reported first-quarter net income of $168 million.

The Duluth, Georgia-based company said it had net income of $2.25 per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to $2.32 per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.29 per share.

The farm equipment maker posted revenue of $2.93 billion in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $3 billion.

Agco shares have declined nearly 8% since the beginning of the year. The stock has declined 10% in the last 12 months.

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