Deere Beats Q1 Earnings, Weak Farm Economy To Impact 2015

Shares of Deere & Company (DE – Analyst Report) went down 0.71% in pre-market trading as the company reported a 38% year-over-year decline in its first-quarter fiscal 2015 earnings per share to $1.12. This was due to lower demand for agricultural machinery and sluggish conditions in the global farm sector. Earnings, however, beat the Zacks Consensus Estimate of 83 cents, delivering an earnings surprise of 35%.

 

Deere & Company – Earnings Surprise | FindTheBest

Operational Update

Deere’s worldwide total sales dipped 17% year over year to $6.38 billion. However, revenues surpassed the Zacks Consensus Estimate of $5.43 billion. Net sales of equipment operations (which comprise Agriculture and Turf, Construction and Forestry) were $5.6 billion, down 19% year over year, including a price realization of 1%, offset by a 2% unfavorable impact from currency translation. Region-wise, equipment net sales were down 14% in the U.S. and Canada, and 28% in rest of the world.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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