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Deere forecasts disappointing annual net income, shares slump premarket

Investing.com -- Shares in Deere&Company (NYSE:DE) fell in premarket U.S. trading after the world's biggest farm equipment group delivered disappointing 2024 profit projections.

The Illinois-based group said it now expects to report net income in the range of $7.75 billion to $8.25 billion in its 2024 fiscal period. Bloomberg consensus forecasts had called for guidance of $9.32B.

In a statement, Chief Executive Officer John May said: "While our end markets will fluctuate, we remain focused on disciplined execution and strategically investing in solutions that drive customer value.”

Net sales of construction and forestry equipment grew to $3.74B in the third quarter, an 11% jump compared to the corresponding period last year. The bump in demand was enhanced by a boost in pricing, although this was offset by elevated input expenses.

Worldwide net sales and revenues dropped by 1% to $15.4B in the three months ended on Oct. 29, while net income increased by 5.5% year-on-year to $2.37B.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.