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MarketScreener Homepage  >  Equities  >  Nyse  >  Deere & Company    DE

DEERE & COMPANY

(DE)
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Deere Lowers Profit, Equipment-Sales Guidance

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05/17/2019 | 07:09am EDT

By Allison Prang

Deere & Co. lowered its guidance for profit and equipment sales for the current fiscal year as its farming customers continue to face headwinds in the agriculture industry and remain concerned about trade disputes.

Deere said Friday it expects about $3.3 billion in profit and about a 5% increase in equipment sales. Deere guided in February it would generate about $3.6 billion in profit and for equipment sales to rise 7% from the prior year.

"Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases," Chief Executive Samuel Allen said in prepared remarks, adding that "overall economic conditions remain positive."

Shares fell 3.8% in premarket trading.

Profit declined 6% to $1.13 billion, or $3.52 a share, in the company's second quarter, which ended in late April, from the comparable quarter a year earlier. Analysts polled by Refinitiv were expecting $3.59 a share.

For the most recent fiscal second quarter, Deere's income-tax expenses nearly doubled from a year ago.

Write to Allison Prang at allison.prang@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY 1.03% 173.92 Delayed Quote.16.59%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.61% 293 End-of-day quote.-4.31%
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Financials (USD)
Sales 2019 34 663 M
EBIT 2019 4 496 M
Net income 2019 3 218 M
Debt 2019 42 572 M
Yield 2019 1,72%
P/E ratio 2019 17,4x
P/E ratio 2020 15,6x
EV / Sales2019 2,81x
EV / Sales2020 2,69x
Capitalization 54 763 M
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Technical analysis trends DEERE & COMPANY
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 171,05  $
Last Close Price 173,92  $
Spread / Highest target 12,7%
Spread / Average Target -1,65%
Spread / Lowest Target -19,5%
EPS Revisions
Managers
NameTitle
Samuel R. Allen Chairman & Chief Executive Officer
John C. May President, Chief Operating Officer & Director
Ryan D. Campbell Chief Financial Officer & Senior Vice President
Rajesh Kalathur Chief Information Officer
Vance D. Coffman Independent Director
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