Why Heavy Equipment Maker Deere Shares Are Taking A Hit Today
Portfolio Pulse from Akanksha Bakshi
Deere & Co (NYSE:DE) reported a 4% decline in Q1 fiscal 2024 net sales and revenue to $12.185 billion, surpassing consensus estimates. Despite beating revenue expectations, the company saw declines in several segments, with Production & Precision Agriculture and Small Agriculture & Turf net sales dropping 7% and 19% Y/Y, respectively. Construction & Forestry revenue remained flat, while Financial services revenues grew 32% YoY. Operating profit fell 13% Y/Y, and EPS decreased to $6.23 from $6.55 YoY, still beating consensus estimates. Deere also revised its 2024 net income outlook downwards and expects declines in net sales across several segments. Shares fell 4.4% to $367.57.
February 15, 2024 | 3:05 pm
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Deere & Co reported a 4% decline in Q1 fiscal 2024 net sales and revenue but surpassed consensus estimates. The company saw segment declines, a drop in operating profit and EPS, and revised its 2024 net income outlook downwards. Shares fell 4.4%.
The decline in several key segments, a decrease in operating profit and EPS, and the downward revision of the 2024 net income outlook are likely to negatively impact investor sentiment in the short term, leading to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100