AGCO’s Randy Hoffman and David Caplan retire
AGCO has announced the retirement of two of its SVPs, Randy Hoffman and David Caplan, effective Dec. 31.
"As highly respected business professionals in the industry, we extend our well wishes, appreciation and gratitude to Randy and David for their many years of inspirational leadership and personal dedication to AGCO," said Martin Richenhagen, chairman, president and CEO of AGCO. “Both men have left a lasting impact on the agricultural industry as well as supporting AGCO as a global leader in the market.”
Randy Hoffman, who served as SVP global sales & marketing and product management, has been with the company since 1995 and has held various key management positions since. He is credited with leading the development of various global brand strategies, AGCO’s entry into emerging markets, and its sustainability strategy.
David Caplan, who is SVP materials management worldwide, brought his extensive industry knowledge to bear on the company when he joined in 2003. Caplan revamped AGCO’s purchasing organization, worked on various cost-savings initiatives, and launched AGCO’s Global Purchasing Excellence initiative.
KB Home revenues up 34% for the year
KB Home has released its earnings report for the fourth quarter and fiscal year ended Nov. 30, with total revenues for the year up 34% and net income up significantly since last year’s loss.
Revenues for the fiscal year came in at $2.10 billion, compared to $1.56 billion in 2012. This is due in part to a 14% increase in homes delivered and an increase in the average selling price, which rose 18% to $291,700.
Meanwhile, 2013’s net income of $40.0 million was a marked improvement from 2012’s net loss of $59.0 million. This is the first year since 2006 that KB Home has generated positive full-year net income.
“Our fourth quarter results provided a solid finish to 2013 with both revenues and profits up from the prior year,” said Jeffrey Mezger, president and CEO. “We also posted full-year net income for the first time in several years…The catalyst for this progress has been an ongoing strategic shifting of our operations to higher-performing markets across the country. The favorable impact of this approach was most evident in California, where our average selling price for the quarter increased 29% from a year ago to $524,200. Our results for the fourth quarter and full year reinforce our belief that we have the right strategies in place to create long-term value for our stockholders as the housing recovery progresses.”
For the three months ended Nov. 30, revenues were up 7% to $618.5 million year-over-year, which was riding on double-digit increases in the Southwest, Central and Southeast markets (offset by a decrease on the West Coast). Net income for the quarter was up even more significantly ($28.1 million, up from $7.7 million in the fourth quarter of 2012).
Net income increased to $28.1 million, or $.31 per diluted share, compared to $7.7 million, or $.10 per diluted share, in the fourth quarter of 2012.