Deere Beats Expectations Despite Smaller 2Q Profit, Revenue
May 22 2020 - 6:59AM
Dow Jones News
By Matt Grossman
Deere & Co.'s results beat analysts' earnings and revenue
guidance for its second quarter, but the company reported weaker
results as the Covid-19 pandemic weighed on demand.
The Moline, Ill.-based company reported net income of $665.8
million, or $2.11 a share, compared with $1.14 billion, or $3.52 a
share, for the same period a year earlier.
Analysts polled by FactSet expected earnings of $1.95 a
share.
Deere's sales totaled $8.22 billion, down from $10.27 billion
for the same period a year earlier. Analysts has forecast sales of
$7.89 billion.
Including finance and interest income and other income, Deere's
second-quarter revenue was $9.25 billion, which marked a decline
from $11.34 billion in last year's second quarter.
Deere said it expects its global sales of construction and
forestry equipment to fall 30% to 40% in 2020 due to uncertainty
from the Covid-19 crisis and Deere's efforts to reduce inventories.
It expects a 10% to 15% decline in sales of agriculture and turf
equipment.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
May 22, 2020 06:44 ET (10:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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