Why Heavy Equipment Maker Deere Shares Are Taking A Hit Today



Deere & Co (NYSE:DE) reported first-quarter fiscal 2024 net sales and revenue decline of 4% year-over-year to $12.185 billion, beating the consensus of $10.33 billion.

Production & Precision Agriculture net sales declined 7% Y/Y to $4.85 billion, and Small Agriculture & Turf net sales fell 19% Y/Y to $2.425 billion due to lower shipment volumes.

Meanwhile, Construction & Forestry revenue was flat YoY to $3.21 billion, reflecting positive price realization offset by lower shipment volumes.

Financial services revenues grew 32% YoY to $1.376 billion, and net income was up 12% to $207 million, reflecting higher average portfolio balances.

Operating profit fell 13% Y/Y to …

Full story available on Benzinga.com


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