DE

Deere announced its FY24 Q3 (May to July) results as follows:

- Revenue: $13.15 billion, down 16.8% year-over-year (YoY), but exceeding the consensus estimate by $2.36 billion.

- GAAP EPS: $6.29, down 38.3% YoY, surpassing the consensus by $0.65.

- Stock Performance: Deere's stock is up 1.06% in pre-market trading.

By segment:

- Production & Precision Agriculture: Revenue of $5.09 billion (-25%), operating profit of $1.16 billion (-35%).

- Small Agriculture & Turf: Revenue of $3.05 billion (-18%), operating profit of $490 million (-32%).

- Construction & Forestry: Revenue of $3.24 billion (-13%), operating profit of $450 million (-37%).

- Financial Services: Net income of $150 million (-29%).

Management forecasts a revenue decline of 20-25% in both the Production & Precision Agriculture and Small Agriculture & Turf segments for the full FY24. The Construction & Forestry segment is expected to see a revenue decline of 10-15%.

The full-year FY24 net income guidance is set at $7.0 billion, exceeding the consensus estimate of $6.96 billion.