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MarketScreener Homepage  >  Equities  >  Nyse  >  Deere & Company    DE

DEERE & COMPANY

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Deere mpany : 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

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Financials ($)
Sales 2019 34 983 M
EBIT 2019 4 003 M
Net income 2019 3 332 M
Debt 2019 39 785 M
Yield 2019 1,95%
P/E ratio 2019 14,47
P/E ratio 2020 12,72
EV / Sales 2019 2,48x
EV / Sales 2020 2,36x
Capitalization 47 140 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 158 $
Spread / Average Target 5,9%
EPS Revisions
Managers
NameTitle
Samuel R. Allen Chairman & Chief Executive Officer
Rajesh Kalathur Chief Financial & Information Officer, Senior VP
Vance D. Coffman Independent Director
Dipak Chand Jain Independent Director
Clayton M. Jones Independent Director
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