Deere & Co. (NYSE: DE) reported Q3 EPS of $2.57, $1.33 better than the analyst estimate of $1.24. Revenue for the quarter came in at $8.93 billion versus the consensus estimate of $6.7 billion.

Company Outlook & Summary

Net income attributable to Deere & Company is forecast to be about $2.25 billion for the full year. However, many uncertainties remain regarding the effects of the global pandemic that could negatively affect the company's results and financial position in the future. In addition, the company has announced broad employee-separation programs that will be completed during the fourth quarter in support of its strategy to create a leaner, more agile organization. The programs’ total pretax expense included in the forecast is about $175 million with estimated annual savings of $175 million.

“Although unsettled market conditions and related customer uncertainty are expected to have a moderating effect on key markets in the near term, we believe Deere is well-positioned to help make our customers more profitable and sustainable,” May said. “In addition, we are encouraged by the early benefits we are experiencing from the company’s recently launched smart-industrial operating model. We’re confident it will help accelerate our ability to deliver differentiated solutions to our customers, while contributing to improved efficiencies across the company.”

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