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
Deere & Co (NYSE:DE) shares are trading higher after the company reported third-quarter results and reaffirmed its net income 2024 outlook.
迪爾股份 (NYSE:DE) 的股票在公司公佈第三季度業績並重申了 2024 年的淨利潤預測後上漲了。
The company's net sales and revenue declined 17% year-over-year to $13.152 billion, beating the consensus of $10.944 billion.
公司的淨銷售額和營業收入同比下降17%至1315.2億美元，超過了預估的1094.4億美元。
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.
生產與精密農業淨銷售額同比下降了25%達到509.9億美元，小型農業與草坪淨銷售額下降了18%達到305.3億美元，建築與林業營業收入由於裝運量下降13%而下降至323.5億美元。
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.
金融服務收入同比增長21%至14.89億美元，淨利潤由去年同期的2.16億美元下降至1.53億美元，這是由於更高的信貸損失準備和不利的融資差額導致的。
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.
據首席執行官約翰·C·梅表示，迪爾股份的第三季度業績凸顯了在全球農業和建築行業挑戰條件下公司的紀律執行。
Operating profit fell 34.7% Y/Y to $2.279 billion, and margin contracted by 480 bps to 17.5%.
營業利潤同比下降34.7%至22.79億美元，毛利率收縮480個點子至17.5%。
Deere clocked an EPS of $6.29, down from $10.20 YoY, beating the consensus of $5.85.
迪爾股份的每股收益爲6.29美元，下降了10.20美元，超過了預估的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%.
各業務板塊的營業利潤率：生產與精密農業 22.8%，同比下降了26.2%；小型農業與草坪 16.2%，同比下降了19.6%；建築與林業 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
此外閱讀：迪爾的收益即將公佈，以下是華爾街最準確分析師的最新預測變化
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，迪爾持有超過70億美元的現金及等價物。在截至7月28日的前九個月中，迪爾從經營活動中獲得的淨現金流量爲41.39億美元，而去年同期爲負現金流量達到28.96億美元。
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，該公司在多個地區啓動了強制性員工分離計劃，旨在簡化業務。這些計劃產生了1.24億美元的稅前費用，預計總費用將達到1.5億美元。
2024 Guidance: Deere reaffirmed its 2024 net income outlook of $7.00 billion.
2024年展望: 迪爾重申了其2024年淨利潤預測爲70億美元。
"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: 「針對市場形勢疲軟，我們已經採取了降低成本和戰略性對齊生產與客戶需求的措施。」
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%.
迪爾預計在2024年，生產與精密農業淨銷售額將下降約20%-25%，實現價格提升+2%；小型農業與草坪淨銷售額將下降20%-25%，實現價格提升+2%；建築與林業淨銷售額將下降10%-15%，實現價格提升+0.5%。
The company expects Financial services net income of $720 million for the fiscal.
公司預計在財政年度中金融服務的淨利潤將達到7.2億美元。
Price Action: DE shares traded higher by 1.15% at $355.31 premarket at the last check Thursday.
股價表現: 截至上週四最後一次查詢，迪爾股份股價在盤前交易中上漲了1.15%至355.31美元。
Photo via Shutterstock
圖片來自shutterstock。