🚜Quarterly results from Deere & Company, known as John Deere!
📊Shares of Deere & Company $DE+2.2%are seeing gains after the company beat lowered earnings estimates for its fiscal third quarter. 💼
The Moline, Illinois-basedfirm posted a net profit of $1.734 billion ($6.29 per share), down from last year's $2.978 billion ($10.20 per share). The company's revenue fell by 17 % to USD 13.152 billion, but still beat analysts' expectations of USD 5.68earnings per share and USD 10.935 billion in revenue.
"John Deere's third-quarter results demonstrate our ability to manage challenging conditions in the global agriculture and construction industries," said Chief Executive Officer John C. May.
The company also faced costs of USD 124 million related to layoff programs that were implemented across the US, Europe, Asia and Latin America. Most of these programs were voluntary, and the company expects total savings of approximately USD 230 million.
Although the decisions to make layoffs were difficult, May stressed that they were critical to the future success and competitiveness of the company.
🔍Deere now expects net income in fiscal 2024 to be around $7.0 billion, with the manufacturing and precision agriculture and small farm segments expected to decline by 20-25 %, while construction and forestry are expected to see a decline of 10-15 %.
What is your view on this company? Does anyone own stock in a company involved in the manufacture of agricultural or mining machinery?
I'd be happy to include their stock in my portfolio, but the stock is unfortunately expensive at the moment.
I like the camaraderie. Its products are legendary :) But the stock is up a lot right now, and more importantly, it has been in a sideways trend near the top for quite some time. Here again, I would see this as a trend at most with speculation of a trend breakout. Since I don't own the stock, I'm not considering entering with an investment thesis.