Abhoy Sarkar's Avatar
published in Blogs
Nov 27, 2019

Deere & Co. (DE, $168.06) beats fiscal Q4 estimates; predicts decline in 2020 agricultural equipment sales

Deere & Co. beat fourth quarter earnings expectations, but warned about a potential slide in construction and agricultural equipment sales in the coming financial year amid trade uncertainty.

The agricultural, construction, and forestry equipment maker’s adjusted earnings for the three months ending in October came in at $2.14 per share, one penny ahead of analysts’ expectations. The figure, however, was -11.6% lower from the year-ago quarter.

Net revenues increased +5% to $9.896 billion, surpassing analysts' forecast of $8.43 billion.

Looking ahead, Deere projects fiscal 2020 full-year agricultural equipment sales to fall between -5% and -10%, and construction equipment sales to decline by as much as -15%. 

CEO John May indicated that trade tensions along with a year of challenging growing and harvesting conditions have led to many farmers becoming cautious about making major investments in new equipment. May also added that financial services results have come under pressure due to operating-lease losses.

According to May, general economic conditions have nonetheless remained favorable, thereby supporting demand for smaller equipment. It has helped Deere's construction and forestry business, which had a record year for sales and operating profit.

 

Related Tickers: DE
John Jacques's Avatar
published in Blogs
May 16, 2022
A.I. Stock Market Predictions: Head & Shoulders

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Edward Flores's Avatar
published in Blogs
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Sergey Savastiouk's Avatar
published in Blogs
May 16, 2022
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published in Blogs
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Dmitry Perepelkin's Avatar
published in Blogs
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Allana's Avatar
published in Blogs
Mar 23, 2023
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Sergey Savastiouk's Avatar
published in Blogs
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4 Tips for Fast, Effective Stock Analysis

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Sergey Savastiouk's Avatar
published in Blogs
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John Jacques's Avatar
published in Blogs
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Sergey Savastiouk's Avatar
published in Blogs
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