Deere & Company Cuts FY24 Earnings Forecast

(RTTNews) - Deere & Company (DE) said, for fiscal 2024, the company now expects net income attributable to Deere & Company to be in a range of $7.50 billion to $7.75 billion. In November, 2023, the company projected 2024 earnings to be in the range of $7.75 to $8.25 billion.

The company reported first quarter net income of $1.75 billion or $6.23 per share, compared with net income of $1.96 billion, or $6.55 per share, a year ago. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $5.21, for the quarter. Analysts' estimates typically exclude special items.

First quarter worldwide net sales and revenues decreased 4 percent, to $12.19 billion. Net sales were $10.49 billion, compared with $11.40 billion, last year. Analysts on average had estimated $10.34 billion in revenue.

Shares of Deere & Company are down nearly 3% in pre-market trade on Thursday.

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