News & Analysis

Deere & Company beats estimates – the stock is falling

16 February 2024 By Klavs Valters


US machine manufacturer Deere & Company (NYSE: DE) announced the latest financial results before the opening bell on Thursday.

Deere achieved revenue of $10.486 billion for the three months ending 28/1/24, beating analyst estimate of $10.303 billion. Revenue was down by 8% vs. the same period year prior.

Earnings per share (EPS) reported at $6.23 vs. $5.264 per share estimate. EPS decreased year-over-year by 4.88%.

Net income for the quarter reached $1.75 billion.

The company cut net income forecast for fiscal year 2024 from $7.75-$8.25 billion to $7.50-$7.75 billion.

Company overview

  • Founded: 1837
  • Headquarters: Moline, Illinois, United States
  • Number of employees: 82,200 (2022)
  • Industry: Agricultural machinery, heavy equipment
  • Key people: John C. May (Chairman, CEO & President)

CEO commentary

“Deere’s first-quarter performance underscores the effectiveness of our Smart Industrial operating model and the dedication of our workforce, enabling improved performance across economic cycles that surpasses historical benchmarks,” John C. May, CEO of the company commented on the latest results.

“Moreover, we remain committed to empowering our customers to improve their productivity and sustainability through ongoing investment in the next generation of solutions, as evidenced by our partnership on satellite communications to expand rural connectivity announced this quarter,” May concluded his statement to stockholders.

Stock reaction

The stock fell by over 5% on Thursday. Shares were trading at around $363.36 a share – the lowest level since 12/12/23.

Stock performance

  • 5 day: -5.49%
  • 1 month: -4.39%
  • 3 months: -3.68%
  • Year-to-date: -8.81%
  • 1 year: -9.51%

Deere & Company stock price targets

  • Morgan Stanley: $430
  • JP Morgan Chase & Co.: $385
  • Canaccord Genuity Group: $375
  • TD Cowen: $396
  • Bank of America: $422.50
  • HSBC: $486
  • USB Group: $408
  • Credit Suisse Group: $551
  • Stifel Nicolaus: $460
  • Oppenheimer: $458
  • Deutsche Bank: $407
  • DA Davidson: $510
  • Citigroup: $475
  • BMO Capital Markets: $425
  • Wells Fargo & Company: $490

Deere & Company is the 147th largest company in the world with a market cap of $101.73 billion, according to CompaniesMarketCap.

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Sources: Deere & Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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