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Deere & Co (NYSE:DE) reported better-than-expected third-quarter results and reaffirmed its net income 2024 outlook on Thursday.
The company's net sales and revenue declined 17% year-over-year to $13.152 billion, beating the consensus of $10.944 billion. Deere clocked an EPS of $6.29, down from $10.20 YoY, beating the consensus of $5.85.
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.
Deere reaffirmed its 2024 net income outlook of $7.00 billion. 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%. The company expects Financial services net income of $720 million for the fiscal.
Deere shares gained 6.3% to close at $373.26 on Thursday.
These analysts made changes to their price targets on Deere following earnings announcement.
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