Deere & Co. (DE) Tops Q3 EPS by 13c, Lowers Guidance
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Revenue Growth %: -23.7%
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Net sales: 5.86B
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Deere & Co. (NYSE: DE) reported Q3 EPS of $2.33, $0.13 better than the analyst estimate of $2.20. Revenue for the quarter came in at $9.5 billion versus the consensus estimate of $8.75 million.
"Deere's third-quarter performance reflected moderating conditions in the global farm sector, which have negatively affected demand for farm machinery and contributed to lower sales and profits for our agricultural-equipment business," said Samuel R. Allen, chairman and chief executive officer. "At the same time, our construction and forestry and financial services divisions had higher profit, showing the benefit of a broad-based business lineup. Overall, it was a quarter of solid performance, with income exceeded only by last year's record for the corresponding period."
Company Outlook & Summary
Company equipment sales are projected to decrease about 6 percent for fiscal 2014 and to be down about 8 percent for the fourth quarter compared with the year-ago periods. Included is an unfavorable currency-translation effect of about 1 percent for the year. For 2014, net income attributable to Deere & Company is anticipated to be about $3.1 billion.
Although Deere's full-year earnings are forecast to be somewhat lower than in 2013, Allen said the company is looking forward to completing another successful year and continues to believe the longer-term outlook for its businesses holds considerable promise. "For the balance of the year, the company will be scaling back production in line with demand for our agricultural products," he stated. "These actions illustrate our commitment to responding with speed and decisiveness to changes in market conditions."
Allen pointed out the company's plans to expand its market presence throughout the world are on track and continuing to move ahead. "We remain confident the company is well-positioned to earn solid returns throughout the business cycle and to realize substantial benefits from the world's growing need for food, shelter and infrastructure well into the future," he said.
For earnings history and earnings-related data on Deere & Co. (DE) click here.
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