trending Market Intelligence /marketintelligence/en/news-insights/trending/RdxqG-I_JMZccEtoW726mQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Deere cuts FY'19 net income outlook, misses Q3 estimates

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


Deere cuts FY'19 net income outlook, misses Q3 estimates

Deere & Co. slashed its guidance for fiscal 2019 as it reported third-quarter earnings that missed analysts' expectations.

The farm equipment maker lowered its full-year net income guidance to $3.2 billion from its previous outlook of $3.3 billion.

Adjusted EPS for the quarter ended July 28 rose to $2.71 from $2.59 in the year-ago period, missing the S&P Global Market Intelligence consensus estimate for normalized EPS of $2.84.

Non-GAAP net income increased to $867 million from $849 million in the prior-year period.

On a GAAP basis, net income came in at $899 million, or $2.81 per share, compared with $910 million, or $2.78 per share in the year-ago quarter.

Net sales for the quarter fell to $8.97 billion from $9.29 billion in the year-ago period, with sales at the company's equipment operations segment falling 3%, and sales at agriculture and turf segment dropping 6%. The Market Intelligence consensus estimate for revenue was $9.38 billion.

Deere Chairman and CEO Samuel Allen said the company's third-quarter results reflected the "high degree of uncertainty that continues to overshadow the agricultural sector."

"Concerns about export-market access, near-term demand for commodities such as soybeans, and overall crop conditions, have caused many farmers to postpone major equipment purchases," Allen said.