2024

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<p class="has-drop-cap">Deere &amp; Co. (NYSE: DE), a leading agricultural equipment manufacturer, reported strong second-quarter earnings on Thursday, May 16, 2024. <br><br>The company’s earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a>) and revenue surpassed analyst expectations. However, it lowered its full-year net income forecast due to <a href="https://www.agriculture.com/u-s-farm-incomes-to-fall-sharply-in-2024-as-crop-prices-plunge-usda-8563992#:~:text=Markets%20Newswire-,U.S.%20farm%20incomes%20to%20fall%20sharply%20in%202024%20as%20crop,billion%20from%20a%20year%20earlier." target="_blank" aria-label="declining crop prices (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">declining crop prices</a> and reduced demand for its products.</p>
<h3 id="deere-co-tops-eps-and-revenue-forecasts-in-q1-lowers-2024-outlook">Deere &amp; Co. Tops EPS and Revenue Forecasts in Q1, Lowers 2024 Outlook</h3>
<p>Deere &amp; Co. reported Q2 EPS of $8.53, beating the analyst estimate of $7.87 by $0.66. The company’s revenue for the quarter reached $15.24 billion, exceeding the consensus estimate of $13.3 billion. <br><br>Despite the strong quarterly performance, Deere revised its full-year net income forecast downward to approximately $7.0 billion, from the previous forecast of $7.5 to $7.75 billion.</p>
<p>The company attributed the revised outlook to declining crop prices and reduced demand for tractors and combine harvesters. The U.S. Department of Agriculture projected a 25.5% decline in net farm income to $116.1 billion for the year, driven by a drop in corn and soybean prices to over three-year lows. <br><br>Higher <a href="https://tokenist.com/investing/how-do-interest-rates-affect-stocks/" rel="noopener noreferrer nofollow" class="deco-link">interest rates</a> have also pressured farmers, leading to increased inventories of agricultural equipment and forcing Deere and other manufacturers to cut production. As a result, Deere expects sales of large agricultural equipment to decline between 20% and 25% this year, an adjustment from the earlier expectation of a roughly 20% fall.</p>
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<h3 id="deere-co-shares-drop-on-lowered-2024-outlook">Deere &amp; Co. Shares Drop on Lowered 2024 Outlook</h3>
<p>Deere &amp; Co. closed at $414.02 on May 15, 2024, reflecting a slight increase of 0.30%. However, in <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="noopener noreferrer nofollow" class="deco-link">pre-market</a> trading today, the stock was down 6.50%, trading at $387.10 at the time of writing.<br><br>The 52-week range for Deere’s stock was $321.85 to $446.76, and the company’s market cap stood at $115.25 billion as of the latest close.</p>
<p>The company’s trailing P/E ratio is 12.07, with a forward P/E ratio of 15.53. Key profitability metrics include a profit margin of 16.39%, return on assets (ROA) of 9.90%, and <a href="https://tokenist.com/investing/fundamental-analysis-stocks/" rel="noopener noreferrer nofollow" class="deco-link">return on equity (ROE)</a> of 45.61%. <br><br>Deere’s total revenue (ttm) was $60.76 billion, with net income attributable to common shareholders at $9.96 billion, and diluted EPS (ttm) at $34.32.</p>
<p>Deere’s total cash (mrq) was $3.83 billion, and the company’s total debt/equity ratio was 289.24%. Analyst price targets for Deere’s stock range from a low of $365.00 to a high of $495.00.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/deere-co-q2-earnings-top-forecasts-but-shares-dip-on-lowered-outlook/">Deere &amp; Co. Q2 Earnings Top Forecasts, But Shares Dip on Lowered Outlook</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Deere & Co. Q2 Earnings Top Forecasts, But Shares Dip on Lowered Outlook

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