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- Deere & Company results top estimates but the stock is falling
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- Deere & Company results top estimates but 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)
- The company reported revenue of $15,412 billion (down by 1% year-over-year) vs. $13.641 billion expected.
- Earnings per share reached $8.26 (up by 11.02% year-over-year) vs. estimate of $7.462 per share.
- Full-year revenue reached $61,251 billion, up by 16.49% vs. 2022.
- Deere expects revenue of between $7.75 to $8.25 billion for full-year 2024, below $9.31 billion expected.
- 1 month: -0.80%
- 3 months: -6.43%
- Year-to-date: -13.95%
- 1 year: -15.67%
- Canaccord Genuity: $400
- Evercore ISI Group: $424
- HSBC: $486
- Deutsche Bank: $407
- Stifel: $460
- Oppenheimer: $458
- UBS: $408
- Credit Suisse: $551
- JP Morgan: $380
- DA Davidson: $510
- Citigroup: $475
- BMO Capital: $425
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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News & AnalysisNews & AnalysisDeere & Company results top estimates but the stock is falling
23 November 2023 By Klavs ValtersDeere & Company (NYSE: DE) reported the latest results for the fourth-quarter ending October 29, 2023 and full fiscal 2023 before the market opens in the US on Wednesday. The American manufacturer of farm machinery and industrial equipment beat Wall Street estimates for the fourth-quarter but fell short on future outlook expecations.
Company overview
The results
CEO commentary
“Deere’s fourth-quarter and full-year results can be attributed to the successful execution of our Smart Industrial Operating Model and the value that customers recognize in our industry-leading products and solutions,” John C. May, CEO of Deere said in a statement.
“We must also recognize and credit our dedicated employees, dealers, and suppliers, whose hard work and focus have been instrumental to our overall success,” May added.
Stock reaction
The stock was down by around 3% on Wednesday despite beating analyst estimates for the previous quarter due to future outlook.
Stock performance
Deere & Company stock price targets
Deere & Company is the 126th largest company in the world with a market cap of $106.07 billion.
You can trade Deere & Company (NYSE: DE) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
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Sources: Deere & Company, TradingView, MarketWatch, Benzinga, CompaniesMarketCap, FactSet
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