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The company reported equipment revenue of $10.9 billion and earnings of $6.23 per share compared to the consensus estimates of $10.4 billion and $5.21, respectively.
The U.S. farm income is also expected to decline 25% y-o-y in 2023 after seeing a sharp 31% rise in 2022.
We believe the selling in Deere is overdone, and investors will likely be better off buying this dip for reasonable gains in the long run.
Deere’s shares surged 9.9% on Feb. 19 as the manufacturing company posted better-than-expected fiscal first-quarter results. The company’s new operating strategy and a 23% rise in net sales drove the earnings beat. Deere’s (DE) 1Q earnings more than doubled to $3.87 per share on a year-over-year basis and beat the Street estimates of $2.14 per share. Revenues jumped 19% to $9.1 billion and surpassed the consensus estimate of $7.21 billion. The company’s net sales from equipment operations came in at $8.1 billion, up 23% year-over-year, driven by improving conditions...
And cut its full-year outlook as it hits farm incomes and the demand for deere's equipment. stock fell 6% today. john deere a company that employs thousands of americans. deere stock has fallen 2% since the beginning of the year. nbc's vaughn hillyard is outside the deere plant in iowa. john deere is a great example because not only iconic and american, but affected by the trade war with china because of products that are not being sold overseas. and it's affected until now by the steel and aluminum tariffs. >> yeah, exactly. that's why i think dubuque is interesting here, ali. not only do you...