2024-05-16 06:40:47 ET
Deere & Co (NYSE: DE) is trading down in premarket on Thursday even though it reported better-than-expected financial results for its second quarter.
Why is Deere stock down on Thursday?
The stock is being hit primarily because the agricultural equipment manufacturer trimmed its guidance for the future. now forecasts its net income to print at about $7.0 billion.
Analysts, in comparison, were at $7.5 billion instead. John C. May – the chief executive of Deere & Co said in a press release today:
We’re proactively managing our production and inventory levels to adapt to demand changes and position the business for the future.
Except for financial services, the New York listed firm took a hit to sales in all of its business segments in Q2. Deere stock is still up nearly 10% versus its year-to-date low.
Notable figures in Deere Q2 earnings release
Earned $2.37 billion versus the year-ago $2.86 billion
Per-share earnings also declined from $9.65 to $8.53
Net sales tanked 12% year-over-year to $15.23 billion
Consensus was $7.86 a share on $13.29 billion of net sales
This is a developing story. Check back in a few minutes for more updates!
The post Deere reports a strong Q2 but trims guidance appeared first on Invezz