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Deere & Co. Earnings: DE Stock Drops 5% on 2020 Warning

DE beat current estimates

Deere & Co. (NYSE:DE) earnings for the agricultural construction equipment company’s fiscal fourth quarter of 2019 have DE stock down on Wednesday. This is despite its earnings per share of $2.27 for the quarter. That’s better than Wall Street’s estimate of $2.13. Revenue of $9.90 billion is also above analysts’ estimates of $8.53 billion for the period.

Deere & Co. Earnings: DE Stock Drops 5% on 2020 Warning
Source: Jonathan Weiss / Shutterstock.com

Let’s take a closer look at the most recent Deer & Co. earnings report.

  • Per-share earnings for the quarter are down 1.30% from $2.30 in the fiscal fourth quarter of 2018.
  • Revenue is 5.10% better than the $9.42 billion reported during the same time last year.
  • Operating profit of $916 million is 13.58% worse YoY compared to $1.06 billion.
  • The Deere & Co. earnings report also includes a net income of $722 million.
  • That’s an 8.03% drop from the company’s net income of $785 million in the same period of the year prior.

John May, CEO of Deere & Co., says this about the DE stock earnings.

“John Deere’s performance reflected continued uncertainties in the agricultural sector. Lingering trade tensions coupled with a year of difficult growing and harvesting conditions have caused many farmers to become cautious about making major investments in new equipment. Additionally, financial services results have come under pressure due to operating-lease losses.”

The Deere & Co. earnings report also includes a warning for fiscal 2020. This includes forecasts for the company’s worldwide sales of agriculture and turf equipment to drop between 5% and 10%. It also expects a 10% to 15% drop in worldwide sales of construction and forestry equipment for the year.

DE stock was down 5.14% as of Wednesday morning.


Article printed from InvestorPlace Media, https://investorplace.com/2019/11/deere-co-earnings-warning-hits-de-stock/.

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