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Deere And Co

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business-agriculture1 year ago•2 min saved

Deere's Profit Outlook and Stock Slide Amid Crop Slump

Deere & Co. has reduced its annual profit outlook due to falling crop prices, impacting farmers' ability to purchase equipment. The company's net income for the fiscal year is now expected to be between $7.5 billion and $7.75 billion, down from its initial outlook. Deere's shares fell as much as 5.5% following the announcement. The company cited weakening agricultural demand in Europe as a primary driver for the updated outlook and is counting on product advancements, such as AI-powered crop sprayers and autonomous tractors, to attract customers.

via Yahoo Finance|

#agriculture-industry #business-agriculture #crop-prices

business-agriculture1 year ago•2 min saved

Deere's Profit Outlook Cut Due to Farm Equipment Demand and Borrowing Costs

Deere & Co cut its 2024 profit forecast due to farmers' reluctance to make big equipment purchases amid high borrowing rates and falling crop prices, leading to a 5.4% drop in its shares. The company expects net income for fiscal 2024 to be $7.50 billion to $7.75 billion, below analysts' predictions. Demand for farm equipment is anticipated to be weaker in Central and Eastern Europe due to ongoing conflict in Ukraine and extreme weather conditions impacting crop yields. Deere plans to manage inventory levels and cut equipment production in 2024 while operating margins contracted due to lower sales of large agriculture equipment.

via Reuters|

#agriculture #borrowing-costs #business-agriculture

business2 years ago•4 min saved

Deere beats earnings expectations and raises outlook for 2023.

Deere & Co reported better-than-expected Q2 earnings, with revenue growth of 30.1% YoY, and expects to realize net income in a range spanning from $9.25B to $9.5B for the full year. The company's Production & Precision Agriculture segment grew sales by 53%, while Small Agriculture & Turf grew sales by 16%, and Construction & Forestry grew sales by 23%. Deere expects to generate $10B to $10.5B in full year cash flow from operations. The company's stock has retaken its 21 day EMA and 50 day SMA, and a take and hold of the 200 day line could produce a $450 target.

via RealMoney|

#agriculture #business #cash-flow