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While the top- and bottom-line numbers for Deere (DE) give a sense of how the business performed in the quarter ended January 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Heavy equipment manufacturer Deere & Co (NYSE:DE) surpassed top- and bottom-line expectations for the fiscal first quarter, but also cut its 2024 profit forecast due to demand concerns amid higher borrowing rates and lower crop prices.
Deere (DE) came out with quarterly earnings of $6.23 per share, beating the Zacks Consensus Estimate of $5.19 per share. This compares to earnings of $6.55 per share a year ago.
Deere & Co (NYSE: DE) is trading down in premarket on Thursday even though it reported solid results for its fiscal first quarter. Deere stock down on muted future guidance Investors are not content primarily because the management issued muted guidance for the future.
Shares of Deere & Co. DE dropped 3.1% toward a two-month low in premarket trading Thursday, after the agricultural, construction and turf equipment maker reported fiscal first-quarter earnings that were well above expectations but provided a downbeat full-year outlook, with industry and segment sales expected to keep falling. Net income for the quarter to Jan. 28 declined to $1.75 billion, or $6.23 a share, from $1.96 billion, or $6.55 a share, in the year-ago period.
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Investors looking for ways to find stocks that are set to beat quarterly earnings estimates should check out the Zacks Earnings ESP.
Deere (DE) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
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Deere's (DE) fiscal first-quarter results are likely to reflect lower volumes, offset by favorable price realization.