Deere & Company (NYSE:DE) posted mixed third-quarter results and trimmed its full-year profit forecast.
The heavy machinery maker reported earnings per share of $4.75, beating the consensus of $4.67. It reported a 9% decline in quarterly sales to $12.02 billion, beating the consensus of $10.31 billion.
Production and precision agriculture sales decreased 16% for the quarter to $4.27 billion as a result of lower shipment volumes and unfavorable price realization.
"By proactively managing inventory, we've matched production to retail demand, enabling our company and dealers to respond swiftly to market shifts and customer needs," said John May, chairman and CEO of John Deere. "By continuing to address the high levels of used equipment in the industry, we're building a healthier market for everyone, our customers, our dealers, and our business, even in these challenging times."
Deere narrowed its fiscal 2025 net income guidance to between $4.75 billion and $5.25 billion, compared to its previous forecast of $4.75 billion to $5.50 billion, citing that customers remain cautious amid ongoing uncertainty.
Deere shares rose 1.7% to trade at $486.88 on Friday.
These analysts made changes to their price targets on Deere following earnings announcement.
- Oppenheimer analyst Noah Kaye maintained Deere with an Outperform rating and raised the price target from $560 to $566.
- Truist Securities analyst Jamie Cook maintained Deere with a Buy and lowered the price target from $619 to $602.
- Baird analyst Mircea Dobre maintained the stock with a Neutral and lowered the price target from $520 to $488.
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