Deere & Co. posted second quarter sales that surpassed estimates. The company however warned of a possible blow to full-year sales amid global coronavirus pandemic.
The agricultural equipment maker’s diluted earnings for the three months ending on May 3, came in at $2.11 per share, down -40% year-over-year.
Revenue dropped -18% year-over-year to $9.253 billion, but beat the Street forecast of $7.7 billion.
Looking ahead, Deer projects fiscal 2020 net income in the range of $1.6 billion to $2 billion.
The company anticipates global agriculture and turf equipment sales to fall between -10% to -15% in 2020 fiscal year, and construction and forestry equipment sales to plunge by as much as -40%.