Scott Olson John Deere (NYSE:DE) reported Q3 results yesterday, delivering a double-digit beat vs consensus EPS and affirming its full year guidance of ~$7B in net income. Following several subsequent guidance downgrades in the previous quarters, this in our view removes a major overhang for shares. With valuation remaining cheap, this should drive shares to reprice on an expected 2025 agri cycle recovery, as argued by us in our initiation note. While retaining company-level guidance, management lowered ...

Deere & Company TodayDEDeere & Company$372.25 -1.01 (-0.27%) 52-Week Range$340.20▼$425.42Dividend Yield1.58%P/E Ratio11.21Price Target$422.78Add to WatchlistDeere & Company NYSE: DE shares bounced upward by more than 6% following a better-than-expected fiscal third-quarter earnings report, although the company continues to face significant industry headwinds. Cost-cutting measures have been successful insofar as the maker of agricultural and forestry equipment maintained its profit outlook for the year. How ...

文章核心观点 - 公司第三季度业绩优于预期,并重申了2024年净利润目标 [1][2] - 公司启动了跨区域的员工离职计划,以精简运营,预计将产生1.5亿美元的税前费用 [3] - 公司预计2024年各业务板块的销售额和价格涨幅 [4] 公司业绩 - 公司第三季度销售收入同比下降17%至131.52亿美元,超出市场预期 [2] - 公司第三季度每股收益为6.29美元,同比下降,但超出市场预期 [2] 公司展望 - 公司重申2024年净利润目标为70亿美元 [4] - 公司预计2024年各业务板块的销售额和价格涨幅: - 生产与精密农业销售额下降20%-25%,价格上涨2% [4] - 小型农业与园艺销售额下降20%-25%,价格上涨2% [4] - 建筑与林业销售额下降10%-15%,价格上涨0.5% [4] - 金融服务业务净收益720百万美元 [4] 股价表现 - 公司股价在业绩公布后上涨6.3%,收于373.26美元 [4] - 部分分析师对公司股价目标进行了调整 [5][6]

Lokibaho Introduction I have been bullish on Deere & Company (NYSE:DE) since I started buying it shortly after the pandemic. In fact, it was one of the first stocks in my dividend growth portfolio. My original thesis has been unchanged since then, which is based on long-term tailwinds from population growth, a decline in global arable land, rising energy prices (inflationary for crop prices and biofuel demand), and the need for farmers to invest in next-gen technologies to improve yields and reduce cos ...

财务数据和关键指标变化 - 净销售额下降17%至131.52亿美元,设备业务净销售额下降20%至113.87亿美元 [14] - 净利润为17.34亿美元,每股摊薄收益为6.29美元 [14] 各条业务线数据和关键指标变化 生产和精准农业 - 净销售额下降25%至50.99亿美元,主要由于出货量下降,部分被价格上涨所抵消 [15] - 营业利润为11.62亿美元,营业利润率为22.8%,主要由于出货量下降和员工分离计划费用所致 [16] 小型农业和园艺 - 净销售额下降18%至30.53亿美元,主要由于出货量下降,部分被价格上涨所抵消 [17] - 营业利润下降至4.96亿美元,营业利润率为16.2%,主要由于出货量下降和保修费用上升 [18] 建筑与林业 - 净销售额下降13%至32.35亿美元,主要由于出货量下降 [26] - 营业利润为4.48亿美元,营业利润率为13.8%,主要由于出货量下降、产品组合不利和价格上涨受到抑制 [26] 各个市场数据和关键指标变化 - 北美大型农机行业销量预计下降约15% [20] - 北美小型农业和园艺行业需求预计下降约10% [21] - 欧洲行业预计下降约15% [22] - 南美行业预计下降15%-20% [23] - 亚洲行业预计适度下降 [23] 公司战略和发展方向及行业竞争 - 公司正在采取积极的库存管理措施,包括调整生产计划,以应对需求下滑 [12][13][40][49] - 公司正在采取成本控制措施,包括裁员,以保持竞争力 [41][93] - 公司正在加大对精准农业技术的投入和推广,如See & Spray技术 [65][143-149] 管理层对经营环境和未来前景的评论 - 农产品价格下降、利率上升等因素导致客户需求疲软 [37-38][51-53] - 但农场资产负债表健康、机器使用年限较高等因素为需求提供支撑 [55] - 公司正在与经销商密切合作,采取快速行动应对行业周期变化 [159] - 对未来前景保持乐观,认为公司有机会继续为客户创造价值 [44][57] 其他重要信息 - 公司宣布与巴西Banco Bradesco银行合资,持有50%股权,以减少融资风险 [33-34] - 公司在第四季度计划大幅减产,以降低库存 [49][130-131] - 公司在第四季度进行了一次性裁员,预计可带来2.3亿美元的年度成本节约 [93] 问答环节重要的提问和回答 问题1 **David Raso提问** 第四季度的净利润指引与业务分部指引存在较大差距,是否有一次性因素? [126-129] **Josh Jepsen回答** 第四季度大幅减产导致的边际成本下降是主要原因,不代表未来正常经营状态 [130-132] 问题2 **Mig Dobre提问** 库存情况与上年持平,但您提到大幅减产,这是否存在时间差? [153-158] **John May回答** 公司与经销商高度协调一致,共同采取积极措施管理库存,确保进入2025年时库存水平合理 [159] 问题3 **Chad Dillard提问** 第四季度的边际成本下降幅度有多大? [161-163] **Josh Jepsen回答** 全年边际成本下降约1.5-2个百分点,主要集中在第四季度 [162-163]

Nicholas SmithSometimes, it is enough to release a "not too bad" report to have investors cheer. This is the case with Deere's Q3 earnings. Deere (NYSE:DE) was trading near its 52-week lows as the market was pricing in the bad news coming from its peers, mainly AGCO (AGCO) and CNH Industrial (CNH). After all, as I showed in detail in one of my past analyses on Deere, the business is cyclical, and it is strictly related to farmer net income and corn prices. Since corn is quickly going down, so is farmer ...

Deere & Company (DE) reported third-quarter fiscal 2024 (ended Jul 28) earnings of $6.29 per share, which beat the Zacks Consensus Estimate of $5.80. The bottom line, however, plunged 38% from the prior year quarter.This was mainly due to lower shipment volumes across all segments, reflecting weak demand. This was somewhat negated by the company’s pricing strategies and cost-saving measures.Net sales of equipment operations (comprising Agriculture, and Turf, Construction and Forestry) were $11.39 billion, d ...

文章核心观点 - 公司本季度收入为113.9亿美元,同比下降20.3% [1] - 每股收益为6.29美元,去年同期为10.20美元 [1] - 公司各业务板块收入情况均有不同程度下降 [6][7][8][9][10] - 金融服务业务收入同比增长21.3% [12] 各部分总结 生产与精密农业 - 生产与精密农业业务收入为51亿美元,高于分析师预期47.7亿美元,同比下降25.1% [6] 农业与园艺 - 农业与园艺业务(包括生产与精密农业和小型农业与园艺)收入为81.5亿美元,高于分析师预期75.9亿美元,同比下降22.7% [7] 设备业务 - 设备业务总收入为113.9亿美元,高于分析师预期108.8亿美元,同比下降20.3% [8] 小型农业与园艺 - 小型农业与园艺业务收入为30.5亿美元,高于分析师预期28.2亿美元,同比下降18.4% [9] 建筑与林业 - 建筑与林业业务收入为32.4亿美元,低于分析师预期32.9亿美元,同比下降13.5% [10] 其他收入 - 其他收入为2.76亿美元,高于分析师预期2.69亿美元,同比下降4.5% [11] 金融服务 - 金融服务收入为14.9亿美元,高于分析师预期13.2亿美元,同比增长21.3% [12] - 金融服务总收入为16.7亿美元,高于分析师预期15亿美元,同比增长15.4% [14] 其他收益 - 其他收益为3.04亿美元,高于分析师预期2.5亿美元,同比增长15.2% [15] - 设备业务其他收益为2.46亿美元,高于分析师预期2.09亿美元,同比增长10.8% [16] - 设备业务金融和利息收入为1.55亿美元,低于分析师预期1.87亿美元,同比下降26.2% [17]

Key TakeawaysDeere reported third-quarter earnings Thursday that fell year-over-year, but still managed to beat analyst estimates.CEO John May said the company faced "challenging conditions" and "significant headwinds" in the agriculture and construction industries.Deere said it expects sales to come in 10% to 25% lower for the full fiscal year. Deere & Company (DE) reported third-quarter earnings that beat expectations, despite a year-over-year decline as the company faced "significant headwinds" in the ag ...

Deere stock has become too cheap to ignore.The industrial sector is up 14% over the last year -- slightly lagging the performance of the S&P 500, but still a solid gain. Despite being an industry leader in heavy equipment for agriculture, construction, and forestry, Deere (DE 0.20%) stock is down 20% over the last year and hovering around a three-year low.Here's why the dividend stock has sold off far enough and why it is worth buying and holding for the next five years. A textbook cyclical businessWhen you ...