Deere beats by $0.94, beats on revs; provides FY21 guidance
- Reports Q4 (Oct) earnings of $2.39 per share, $0.94 better than the S&P Capital IQ Consensus of $1.45; revenues (net equipment sales) fell 0.5% year/year to $8.66 bln vs the $7.62 bln S&P Capital IQ Consensus.
- Worldwide net sales and revenues decreased 2 percent, to $9.731 bln, for the fourth quarter of 2020 and declined 9 percent, to $35.540 bln, for the full year. Equipment operations net sales were $8.659 bln for the quarter and $31.272 bln for the year, compared with corresponding totals of $8.703 bln and $34.886 bln in 2019.
- Guidance: Net income attributable to Deere & Company for fiscal 2021 is forecast to be in a range of $3.6 bln to $4.0 bln. Construction & Forestry. Deere's worldwide sales of construction and forestry equipment are anticipated to be up 5 to 10 percent for 2021 with foreign-currency rates having a favorable translation effect of 1 percent. The outlook reflects some degree of recovery from the pandemic in construction equipment, continued strength in compact construction due to residential building activity, and expected growth in the roadbuilding sector.