2024-02-15 07:08:14 ET
Deere & Co (NYSE: DE) is trading down in premarket on Thursday even though it reported solid results for its fiscal first quarter.
Deere stock down on muted future guidance
Investors are not content primarily because the management issued muted guidance for the future. Deere now forecasts its net income to come in between $7.50 billion and $7.75 billion.
Analysts, in comparison, were at $8.03 billion. John C. May – the chief executive of Deere & Co said in a press release today:
We remain committed to empowering our customers through ongoing investment in the next-gen solutions as evidenced by our partnership on satellite communications to expand rural connectivity.
Wall Street currently has a consensus “overweight” rating on Deere stock that’s down close to 8.0% versus its year-to-date high at writing.
Deere Q1 earnings snapshot
- Earned $1.75 billion versus the year-ago $1.96 billion
- Per-share earnings also declined from $6.55 to $6.23
- Revenue inched down 3.7% year-on-year to $12.19 billion
- Consensus was $5.26 a share on $11.48 billion in revenue
saw an annualised decline of 7.0%, 9.0%, and 19% in its production and precision, construction and forestry, and small agriculture and turf sales in Q1, as per the earnings report. According to CEO May:
Deere’s Q1 performance underscores effectiveness of our Smart Industrial operating model and dedication of our workforce, enabling improved performance across economic cycles that surpasses historical benchmarks.
This is a developing story. Check back in a few minutes for more updates!
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