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- Deere & Company beats estimates – the stock is falling
- Home
- News & Analysis
- Shares and Indices
- Deere & Company beats estimates – the stock is falling
- Founded: 1837
- Headquarters: Moline, Illinois, United States
- Number of employees: 82,200 (2022)
- Industry: Agricultural machinery, heavy equipment
- Key people: John C. May (Chairman, CEO & President)
- 5 day: -5.49%
- 1 month: -4.39%
- 3 months: -3.68%
- Year-to-date: -8.81%
- 1 year: -9.51%
- Morgan Stanley: $430
- JP Morgan Chase & Co.: $385
- Canaccord Genuity Group: $375
- TD Cowen: $396
- Bank of America: $422.50
- HSBC: $486
- USB Group: $408
- Credit Suisse Group: $551
- Stifel Nicolaus: $460
- Oppenheimer: $458
- Deutsche Bank: $407
- DA Davidson: $510
- Citigroup: $475
- BMO Capital Markets: $425
- Wells Fargo & Company: $490
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
- Reduce your risk and hedge your existing positions ahead of a new trading day
- Extended trading hours on popular US stocks means extended opportunities
News & AnalysisNews & AnalysisUS machine manufacturer Deere & Company (NYSE: DE) announced the latest financial results before the opening bell on Thursday.
Deere achieved revenue of $10.486 billion for the three months ending 28/1/24, beating analyst estimate of $10.303 billion. Revenue was down by 8% vs. the same period year prior.
Earnings per share (EPS) reported at $6.23 vs. $5.264 per share estimate. EPS decreased year-over-year by 4.88%.
Net income for the quarter reached $1.75 billion.
The company cut net income forecast for fiscal year 2024 from $7.75-$8.25 billion to $7.50-$7.75 billion.
Company overview
CEO commentary
“Deere’s first-quarter performance underscores the effectiveness of our Smart Industrial operating model and the dedication of our workforce, enabling improved performance across economic cycles that surpasses historical benchmarks,” John C. May, CEO of the company commented on the latest results.
“Moreover, we remain committed to empowering our customers to improve their productivity and sustainability through ongoing investment in the next generation of solutions, as evidenced by our partnership on satellite communications to expand rural connectivity announced this quarter,” May concluded his statement to stockholders.
Stock reaction
The stock fell by over 5% on Thursday. Shares were trading at around $363.36 a share – the lowest level since 12/12/23.
Stock performance
Deere & Company stock price targets
Deere & Company is the 147th largest company in the world with a market cap of $101.73 billion, according to CompaniesMarketCap.
You can trade Deere & Company (NYSE: DE) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to “Trading” then select “Share CFDs”.
GO Markets offers pre-market and after-market trading on popular US Share CFDs.
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Sources: Deere & Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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