Deere's (DE) Earnings And Revenues Trump Estimates In Q1
Zacks Investment Research | Feb 20, 2020 08:51PM ET
Deere & Company (NYSE:DE) posted first-quarter fiscal 2020 (ended Feb 2, 2020) earnings of $1.63 per share, beating the Zacks Consensus Estimate of $1.28. The reported figure increased 5.8% from the prior-year quarter’s earnings per share of $1.54.
The quarterly results reflect signs of stabilization in the U.S. farm sector. Farmer sentiment improved on expectations of easing of trade tensions and higher agricultural exports.
Net sales of equipment operations (which comprise Agriculture and Turf, Construction and Forestry) came in at $6.53 billion, down 6% year over year. Revenues, however, surpassed the Zacks Consensus Estimate of $6.20 billion. Total net sales (including financial services and others) came in at around $7.63 billion, down 4% year over year.
Operational Update
Cost of sales in the reported quarter was down 6.5% year over year to $5.1 billion. Gross profit, excluding financial services, for the January-end quarter fell 3.7% year over year, to $1.45 billion. Selling, administrative and general expenses flared up 5.9% year over year to $809 million. Equipment operations reported operating profit of $466 million in the quarter compared with the $577 million witnessed in the prior-year period. Total operating profit (including financial services) dipped to $645 million from $769 million reported in the year-ago quarter.
Deere & Company Price, Consensus and EPS Surprise
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