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Deere & Co. profit misses consensus by 20.1% in fiscal Q1

Deere & Co. said its normalized net income for the fiscal first quarter ended Jan. 29 amounted to 43 cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS decreased 36.7% year over year from 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $139.1 million, a decrease of 36.3% from $218.3 million in the year-earlier period.

The normalized profit margin declined to 2.5% from 4.0% in the year-earlier period.

Total revenue came to $5.52 billion, compared with $5.52 billion in the year-earlier period, and total operating expenses came to $5.21 billion, compared with $5.25 billion in the prior-year period.

Reported net income declined 23.2% year over year to $195.1 million, or 61 cents per share, from $254.1 million, or 80 cents per share.