Deere beats by $0.61, beats on revs; provides FY24 guidance (351.28)
- Reports Q3 (Jul) earnings of $6.29 per share, excluding non-recurring items, $0.61 better than the FactSet Consensus of $5.68; revenues (equipment sales) fell 20.3% year/year to $11.39 bln vs the $10.94 bln FactSet Consensus.
- Outlook: Net income attributable to Deere & Company for fiscal 2024 is forecasted to be approximately $7.0 billion.
- Co sees Production & Precision Ag sales down 20-25% in FY24.
- "In response to weak market conditions, we have taken steps to reduce costs and strategically align our production with customer needs," said May. "Although these decisions were difficult, they are vital for our continued success and competitiveness. Our commitment to our customers is at the heart of everything we do, and we are confident that these proactive measures will allow us to continue investing in innovative, high-quality products and solutions that improve our customers' lives."