AGCO Corp. reported a net profit of $57.4 million for the second quarter, a drop of 56% from the same quarter last year. The equipment manufacturer based in Duluth, Ga., also reported a 25% decline in second-quarter sales. AGCO's earnings of 61 cents a share beat analysts' expectations of 53 cents a share, but the company lowered its full-year outlook to earnings of $2 to $2.25 a share.

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