Deere Q3 Earnings: Profit Beats Expectations Despite Sales Drop, Reaffirms Annual Net Income Outlook
Deere Q3 Earnings: Profit Beats Expectations Despite Sales Drop, Reaffirms Annual Net Income Outlook
Financial services revenues grew 21% year over year to $1.489 billion, and net income declined to $153 million from $216 million a year ago due to a higher provision for credit losses and less favorable financing spreads.Deere & Co (NYSE:DE) shares are trading higher after the company reported third-quarter results and reaffirmed its net income 2024 outlook.
迪尔股份 (NYSE:DE) 的股票在公司公布第三季度财报并重申了 2024 年的净利润预测后上涨了。
The company's net sales and revenue declined 17% year-over-year to $13.152 billion, beating the consensus of $10.944 billion.
公司的净销售额和营业收入同比下降17%至1315.2亿美元，超过了预估的1094.4亿美元。
Production & Precision Agriculture net sales declined 25% Y/Y to $5.099 billion, Small Agriculture & Turf net sales fell 18% to $3.053 billion, and Construction & Forestry revenue declined 13% to $3.235 billion due to lower shipment volumes.
生产与精密农业净销售额同比下降了25%达到509.9亿美元，小型农业与草坪净销售额下降了18%达到305.3亿美元，建筑与林业营业收入由于装运量下降13%而下降至323.5亿美元。
Financial services revenues grew 21% year over year to $1.489 billion, and net income declined to $153 million from $216 million a year ago due to a higher provision for credit losses and less favorable financing spreads.
金融服务收入同比增长21%至14.89亿美元，净利润由去年同期的2.16亿美元下降至1.53亿美元，这是由于更高的信贷损失准备和不利的融资差额导致的。
According to CEO John C. May, John Deere's third-quarter results highlight the company's disciplined execution amid challenging conditions in the global agricultural and construction sectors.
据首席执行官约翰·C·梅表示，迪尔股份的第三季度业绩凸显了在全球农业和建筑行业挑战条件下公司的纪律执行。
Operating profit fell 34.7% Y/Y to $2.279 billion, and margin contracted by 480 bps to 17.5%.
营业利润同比下降34.7%至22.79亿美元，毛利率收缩480个基点至17.5%。
Deere clocked an EPS of $6.29, down from $10.20 YoY, beating the consensus of $5.85.
迪尔股份的每股收益为6.29美元，下降了10.20美元，超过了预估的5.85美元。
Segment operating margins: Production & Precision Agriculture 22.8%, down YoY from 26.2%; Small Agriculture & Turf 16.2%, down YoY from 19.6%; Construction & Forestry 13.8%, down YoY from 19.1%.
各业务板块的营业利润率：生产与精密农业 22.8%，同比下降了26.2%；小型农业与草坪 16.2%，同比下降了19.6%；建筑与林业 13.8%，同比下降了19.1%。
Also Read: Deere Earnings Are Imminent; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts
此外阅读：迪尔的收益即将公布，以下是华尔街最准确分析师的最新预测变化
As of July 28, Deere held over $7 billion in cash and equivalents. DE's net cash provided by operating activities for the nine months ended July 28 was $4.139 billion, compared to cash used of $2.896 billion a year ago.
截至7月28日，迪尔持有超过70亿美元的现金及等价物。在截至7月28日的前九个月中，迪尔从经营活动中获得的净现金流量为41.39亿美元，而去年同期为负现金流量达到28.96亿美元。
During the quarter, the company initiated involuntary employee-separation programs across several regions, aiming to streamline operations. The programs incurred $124 million in pretax expenses, with an estimated total of $150 million.
在本季度，该公司在多个地区启动了强制性员工分离计划，旨在简化业务。这些计划产生了1.24亿美元的税前费用，预计总费用将达到1.5亿美元。
2024 Guidance: Deere reaffirmed its 2024 net income outlook of $7.00 billion.
2024年展望: 迪尔重申了其2024年净利润预测为70亿美元。
"In response to weak market conditions, we have taken steps to reduce costs and strategically align our production with customer needs," mentioned May.
梅提到: “针对市场形势疲软，我们已经采取了降低成本和战略性对齐生产与客户需求的措施。”
Deere expects 2024 Production & Precision Ag net sales to decline by ~20% -25% and price realization of +2%; Small Ag & Turf net sales to fall by 20%- 25% and price realization of +2%; and Construction & Forestry net sales to decrease by 10%- 15% and price realization of +0.5%.
迪尔预计在2024年，生产与精密农业净销售额将下降约20%-25%，实现价格提升+2%；小型农业与草坪净销售额将下降20%-25%，实现价格提升+2%；建筑与林业净销售额将下降10%-15%，实现价格提升+0.5%。
The company expects Financial services net income of $720 million for the fiscal.
公司预计在财政年度中金融服务的净利润将达到7.2亿美元。
Price Action: DE shares traded higher by 1.15% at $355.31 premarket at the last check Thursday.
股价表现: 截至上周四最后一次查询，迪尔股份股价在盘前交易中上涨了1.15%至355.31美元。
Photo via Shutterstock
图片来自shutterstock。
