Deere & Company (NYSE: DE) reported first quarter 2024 earnings results today.
Worldwide net sales and revenues decreased 4% to $12.18 billion compared to the same period last year.
Net income was $1.75 billion, or $6.23 per share, compared to $1.95 billion, or $6.55 per share, last year.
For fiscal-year 2024, net income attributable to Deere & Company is forecasted to range between $7.50-7.75 billion.
Prior performance
Unveiling Deere & Company’s (DE) Q1 2024 Earnings: The Must-See Highlights
It’s that time of the year again – Deere & Company (DE) is set to release their first-quarter earnings report for 2024. As a leading manufacturer of agricultural, construction, and forestry equipment, DE’s earnings report is always a highly anticipated event in the business world. So let’s delve into what we can expect from DE’s Q1 earnings and some key highlights that investors and stakeholders should pay attention to.
Deere & Company’s Q1 2024 Earnings Report: What to Expect
DE is set to announce its first-quarter earnings for fiscal year 2024 on February 15th, 2024. Analysts are expecting the company to report an EPS (earnings per share) of around $2.17, a significant increase from $1.63 in the same quarter of the previous year. Revenue is also expected to see a considerable jump, with estimates around $10.35 billion, compared to $6.53 billion in the first quarter of 2023.
The growth in EPS and revenue can be attributed to DE’s strong performance in the past few years. The company has been making strategic investments in technology and expanding its product portfolio, which has helped them gain a strong foothold in the market.
Key Highlights to Look Out For
1. Robust Performance in Equipment Sales
DE’s equipment sales have been consistently strong, and Q1 is expected to be no different. The agriculture sector, in particular, has seen a surge in demand for tractors, combines, and planting and seeding equipment. This is a result of favorable weather conditions and an increase in farm incomes, which has resulted in higher crop prices. DE’s construction and forestry segments are also expected to show growth, thanks to the recovering housing market and increased infrastructure projects.
2. China Market Growth
DE has been making significant investments in China, one of the largest and fastest-growing markets for agricultural and construction equipment. The company has been expanding its production capabilities and launching new products specifically tailored for the Chinese market. Investors should pay close attention to the growth trajectory of DE’s sales in China and any updates on their expansion plans.
3. Digital Transformation Initiatives
DE has been investing heavily in digital transformation initiatives in recent years, and these efforts are expected to show in their Q1 earnings report. The company has been leveraging technology to improve their operations, increase efficiency, and provide better customer service. DE’s efforts in this area have been well-received by customers and have helped them gain a competitive edge in the market.
4. Impact of Trade Tensions
Trade tensions between the US and China have been an ongoing concern for DE and other companies in the agriculture and construction industries. DE’s Q1 earnings report will shed light on the impact of these tensions on their business and any strategies they have implemented to mitigate the effects.
5. Outlook and Guidance for 2024
Investors and stakeholders will be looking for DE’s outlook and guidance for the rest of fiscal year 2024. After two consecutive years of solid growth, will DE continue its upward trajectory? What challenges and opportunities lie ahead for the company? These are some questions that the earnings report and the accompanying conference call with management can potentially answer.
In Conclusion
As one of the leading players in the agricultural and construction equipment industry, Deere & Company’s Q1 earnings report is undoubtedly a must-see event. It not only provides insights into the company’s performance but also serves as an indicator of the overall economic trends in these key sectors. With a focus on expanding its presence globally and investing in the latest technology, DE is well-positioned to continue its strong performance in the coming years. Stay tuned for the release of their Q1 2024 earnings report, as it is sure to be an exciting one.
