Deere Q3 Earnings Beat Estimates, Revenue Declines

Key Points

Deere's Q3 2024 revenue declined 17% YoY to $13.152 billion, beating the consensus estimate.
Net income fell 17% to $2.37 billion, or $8.53 per share, but beat estimates of $7.86 per share.
Deere stock rose after the Q3 beat.

Profit Beats Expectations, Sales Drop

Deere & Company (NYSE: DE), an agricultural and construction machinery company, reported its Q3 CY2024 results on Thursday. The company's revenue declined 17% year-over-year to $13.152 billion but still managed to beat the consensus estimate.

Net income fell 17% to $2.37 billion, or $8.53 per share, but beat estimates of $7.86 per share.

Reaffirms Annual Net Income Outlook

Despite the decline in revenue, Deere reaffirmed its annual net income outlook. The company now expects net income for the full year to be in the range of $8.5 billion to $9.0 billion, compared to the previous range of $8.3 billion to $8.9 billion.

WEB Key Takeaways

The key takeaway is that Deere's Q3 earnings beat estimates, despite the decline in revenue. The company also reaffirmed its annual net income outlook. This news is likely to be positive for Deere's stock price.