Despite exceeding top and bottom line expectations for its fiscal second quarter this morning, Deere & Company’s (DE)  stock dropped -5% in Thursday's trading session after lowering its fiscal 2024 net income guidance.Still, as a pioneer and the dominant market leader in manufactured agricultural equipment, investors may be wondering if it's time to buy the dip in Deere’s stock given its strong historical performance.Q2 Financial Review Deere’s Q2 net income came in at $2.37 billion or $8.53 per share which ...

财务数据和关键指标变化 - 净销售额下降12%至152.35亿美元,设备业务净销售额下降15%至136.1亿美元 [13] - 净利润为23.7亿美元,每股摊薄收益8.53美元 [13] 各条业务线数据和关键指标变化 生产和精密农业 - 净销售额下降16%至65.81亿美元,主要由于出货量下降,部分被价格上涨抵消 [14] - 营业利润为16.5亿美元,营业利润率为25.1% [15] 小型农业和园艺 - 净销售额下降23%至31.85亿美元,主要由于出货量下降,部分被价格上涨抵消 [16] - 营业利润下降至5.71亿美元,营业利润率为17.9% [16] 建筑与林业 - 净销售额下降7%至38.44亿美元,主要由于出货量下降,部分被价格上涨和汇率变动抵消 [24] - 营业利润为6.68亿美元,营业利润率为17.4% [24] 各个市场数据和关键指标变化 北美大型农机 - 预计全年销量下降15%,主要是下半年大型拖拉机需求下降 [18] - 二手高马力拖拉机库存上升,对购买决策产生影响 [19] 北美小型农机和园艺 - 预计全年销量下降10%,主要是骑乘式割草机需求下降,受高利率影响 [19] 欧洲 - 预计全年销量下降15%,受农户不确定性增加影响 [20] - 但农场现金流仍维持在10年均值附近,奶牛和畜牧业基本面有望改善 [20] 南美 - 预计全年拖拉机和收割机销量下降15%-20% [21] - 巴西市场受全球产量高企、商品价格下降等因素影响较大 [21] 公司战略和发展方向及行业竞争 - 公司将采取主动的生产管理,在需求下降的情况下适当减产,以保持与零售需求相匹配的库存水平 [40][49] - 公司正加快技术创新,加大精准农业解决方案的推广,提升客户价值 [51][52][53] - 公司在巴西市场推出卫星通信等新技术,获得客户良好反响 [53][84] - 建筑与林业业务保持稳定,基础设施投资和房地产市场需求支撑行业需求 [25][91] 管理层对经营环境和未来前景的评论 - 农业市场整体呈现下行趋势,农户信心下降,导致设备需求下滑 [17][40] - 农产品价格下降、农资成本上升、利率高企等因素对农户利润产生压力 [40][41] - 公司将采取主动减产措施,以保持合理的库存水平,为2025年做好准备 [49][50][63] - 建筑与林业业务保持相对稳定,但面临一定的价格竞争压力 [91] - 公司有信心通过技术创新、成本管控等措施,维持较高的盈利水平 [43][44][95] 问答环节重要的提问和回答 问题1 **Mig Dobre 提问** 公司在PPA和SAP业务中的减产规模有多大?这对收入的影响有多大? [110][111] **Josh Rohleder 回答** - 全球PPA业务减产规模在高个位数,北美大型拖拉机减产幅度略高 [112][113][114] - 公司正在大幅降低2024年末的库存水平,以应对需求下滑 [115][116][117] 问题2 **Kristen Owen 提问** 在减产背景下,公司如何通过成本管控来抵消毛利率下降的影响? [123] **Josh Rohleder 和 Josh Jepsen 回答** - 公司正在采取多项成本管控措施,包括调整生产节奏、优化物流和采购成本等 [124][125][126][127] - 同时公司正在为2025年推出大量新产品做准备,以提升产品竞争力 [128][129] 问题3 **Jerry Revich 提问** 公司对二手设备库存上升的应对措施有多大信心? [154] **Josh Rohleder 和 Cory Reed 回答** - 公司主动减产新机,以消化二手库存,同时利用经销商基金等工具帮助经销商消化二手设备 [156][157][158][159][160][161] - 公司相信随着新技术的推广和农场经营效率的提升,二手设备需求将保持良好 [161][162]

Deere & Company (DE) shares fell 5.1% in the pre-market trading, as the company cut down its 2024 guidance.DE reported second-quarter fiscal 2024 (ended Apr 28) earnings of $8.53 per share, beating the Zacks Consensus Estimate of $7.86. The bottom line decreased 12% from the prior-year quarter on lower shipment volumes.Net sales of equipment operations (comprising Agriculture, and Turf, Construction and Forestry) were $13.61 billion, down 15.4% year over year. However, net sales topped the Zacks Consensus E ...

Deere (DE) reported $13.61 billion in revenue for the quarter ended April 2024, representing a year-over-year decline of 15.4%. EPS of $8.53 for the same period compares to $9.65 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $13.26 billion, representing a surprise of +2.66%. The company delivered an EPS surprise of +8.52%, with the consensus EPS estimate being $7.86.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Deere (DE) came out with quarterly earnings of $8.53 per share, beating the Zacks Consensus Estimate of $7.86 per share. This compares to earnings of $9.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.52%. A quarter ago, it was expected that this agricultural equipment manufacturer would post earnings of $5.19 per share when it actually produced earnings of $6.23, delivering a surprise of 20.04%.Over the last four quarter ...

The quarter was strong, but the outlook is uncertain.Agriculture equipment manufacturer Deere (DE -3.25%) reported better-than-expected quarterly results but trimmed its full-year forecast for the second time. Investors are focused on what is to come, sending Deere shares down 3% as of 11 a.m. Eastern.Strong quarter, uncertain outlookDeere earned $8.53 per share in its fiscal second quarter ending April 28 on revenue of $15.24 billion, easily surpassing Wall Street's $7.86 per share on sales of $13.3 billio ...

Key TakeawaysDeere & Co. cut its full-year profit forecast for a second straight quarter Thursday on reduced demand for new farm equipment.The company lowered its prediction for sales of big farm machinery this year.Deere beat earnings and revenue estimates in its fiscal second quarter. Shares of Deere & Co. (DE) fell in intraday trading Thursday as the manufacturer of big farm and construction equipment cut its profit forecast for a second consecutive quarter on limited demand for its machines. The company ...

Deere & Co (NYSE: DE) is trading down in premarket on Thursday even though it reported better-than-expected financial results for its second quarter. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Why is Deere stock down on Thursday?Copy link to sectionThe stock is being hit primarily because the agricultural equipment manufacturer trimmed its guidance for the future. $DE now forecasts its net income to print at about $7.0 billion.  Analysts, in comp ...

Worldwide net sales and revenues decreased 12 percent, to $15.235 billion, for the second quarter of 2024 and decreased 9 percent, to $27.420 billion, for six months. Net sales were $13.610 billion for the quarter and $24.097 billion for six months, compared with $16.079 billion and $27.481 billion last year."John Deere's second-quarter results were noteworthy in light of continued changes across the global agricultural sector," stated John C. May, chairman and chief executive officer. "Thanks to the dedica ...

净销售和收入情况 - Deere & Company报告2024年第二季度净收入为23.7亿美元[1] - 全球净销售和收入下降12%，为152.35亿美元，前六个月下降9%至274.2亿美元[2] - 预计2024财年Deere & Company的净收入将约为70亿美元[2] 各部门销售情况 - 生产和精密农业销售额下降16%，运营利润下降24%[4] - 小型农业和草坪销售额下降23%，运营利润下降33%[5] - 建筑和林业销售额下降7%，运营利润下降20%[6] 财务展望 - 2024年财务服务运营净收入预计约为7.7亿美元[7] - 预测2024年农业和草坪市场将下降约10-15%[7] - 预计2024年生产和精密农业、小型农业和草坪、建筑和林业的净销售将下降20%至25%[7] 公司财务状况 - 公司前瞻性陈述涉及未来事件、预期和趋势，可能会受到变化、假设、风险和不确定性的影响[8] - 2024年第二季度，公司净销售额为136.1亿美元，较去年同期160.8亿美元下降15%[16] - 2024年第二季度，公司净利润为23.7亿美元，较去年同期28.6亿美元下降17%[16] - 2024年第二季度，每股基本收益为8.56美元，较去年同期9.69美元下降12%[16] - 2024年第二季度，现金及现金等价物为55.53亿美元，较去年同期74.58亿美元下降26%[17] - 2024年前两个季度，公司净现金流为9.44亿美元，较去年同期净现金流为负1.47亿美元[18] - 2024年前两个季度，设备运营部门净销售额为240.97亿美元，较去年同期274.81亿美元下降12%[21] - 2024年前两个季度，金融服务部门净销售额为31.4亿美元，较去年同期25.42亿美元增长24%[24] - 2024年前两个季度，公司总负债为82.84亿美元，较去年同期82.20亿美元增长1%[17] - 2024年前两个季度，公司股东权益为22.68亿美元，较去年同期21.79亿美元增长4%[17] 资产负债情况 - 现金及现金等价物从2023年10月29日的5,720百万美元下降至2024年4月28日的3,800百万美元[27] - 金融服务部门的应收款项从2023年10月29日的4,516百万美元下降至2024年4月28日的4,480百万美元[27] - 账面上的应收款项净额从2023年10月29日的8,687百万美元增加至2024年4月28日的10,263百万美元[27] - 账面上的融资应收款项净额从2023年10月29日的43,609百万美元增加至2024年4月28日的45,198百万美元[27] - 账面上的设备经营租赁净额从2023年10月29日的6,917百万美元增加至2024年4月28日的6,965百万美元[27] - 总资产从2023年10月29日的40,590百万美元增加至2024年4月28日的39,387百万美元[27] - 应付账款和应计费用从2023年10月29日的14,862百万美元减少至2024年4月28日的13,771百万美元[27] - 长期借款从2023年10月29日的7,210百万美元减少至2024年4月28日的6,575百万美元[27] - 现金等价物净增加额为1,916百万美元[28] - 现金、现金等价物和限制性现金期初余额为7,620百万美元，期末余额为5,727百万美元[28]