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Deere Results Top Estimates Despite ‘Ongoing Headwinds’
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Main points
- Deere & Company reported fourth-quarter fiscal 2024 results that topped expectations, even as the farm equipment maker warned of “continued headwinds” for the agriculture and construction industries.
- Deere’s quarterly profit fell 47% year over year, with revenue down 28%.
- The company expects net profit in fiscal 2025 to be $5 billion to $5.5 billion, down from $7.1 billion in fiscal 2024.
Deere & Company (of) reported fourth-quarter fiscal 2024 results that beat expectations, although the agricultural equipment maker warned of “ongoing headwinds.”
Released by Tractor and Lawn Mower Manufacturers income US$11.14 billion, a year-on-year decrease of 28% net income Plunged 47% to $1.25 billion.
Still, the results beat the consensus forecast of analysts polled by Visible Alpha, who had expected $10.68 billion to $1.05 billion.
CEO notes ‘significant challenges ahead for market this year’
“In the face of severe market challenges this year, we have actively adjusted our business operations to better adapt to the current environment,” Chief Executive Officer (CEO) John May said.
May also noted that the company was dealing with “ongoing headwinds in the market.”
The company expects net profit in fiscal 2025 to be $5 billion to $5.5 billion, down from $7.1 billion in fiscal 2024. Analysts forecast $5.89 billion, according to Visible Alpha.
Deere shares opened the year up just 1%, but have risen 6% in recent trading.
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