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    Clay Williams • Goldman Sachs

    Clay Williams's questions to AGCO Corp (AGCO) leadership

    Clay Williams's questions to AGCO Corp (AGCO) leadership • Q3 2024

    Question

    Clay Williams, on behalf of Jerry Revich, asked for an update on the planter business based on early order program conversations. He also inquired how current absolute dealer inventory levels in North America compare to pre-COVID levels.

    Answer

    Damon Audia, Senior Vice President & CFO, reported that the early order program for planters and sprayers has gone 'relatively well' given the market, with orders booked through the first half of the year. He stated that ideal pre-COVID inventory levels for North America were in the 5-6 month range, and current levels are higher, with a goal to return to around the 6-month mark in early 2025.

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    Clay Williams's questions to Gates Industrial Corporation PLC (GTES) leadership

    Clay Williams's questions to Gates Industrial Corporation PLC (GTES) leadership • Q3 2024

    Question

    Clay Williams, on behalf of Goldman Sachs, asked about price-cost trends throughout the year and how that informs the pricing outlook for the following year.

    Answer

    CFO L. Mallard explained that Gates has two pricing components: the power to price for material and freight inflation, and value-based pricing from its 80/20 enterprise initiative. He noted the 80/20 pricing has been 'nicely accretive' in 2024 with more runway ahead. Mallard expressed confidence in their ability to maintain margins regardless of the future inflationary environment.

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