Deere & Co. (DE), while reporting weak second-quarter results but above market estimates, on Thursday trimmed the lower end of its fiscal 2025 net income outlook range. The company said the full-year forecast range was broadened in response to dynamic environment.
In the pre-market activity on the NYSE, the farm and construction equipment manufacturer's shares were gaining around 2.5 percent to trade at $510.00.
John May, chairman and CEO of John Deere, said, "Despite the near-term market challenges, we remain confident in the future. Our commitment to delivering value for our customers includes ongoing investment in advanced products, solutions, and manufacturing capabilities. Over the next decade, we will continue to make significant investments in our core U.S. market, underscoring our dedication to innovation and growth while focusing on remaining cost-competitive in a global market."
For the year, the company now projects net income attributable in a range of $4.75 billion to $5.50 billion, compared to previous estimate of $5.0 billion to $5.50 billion.
In its second quarter, the company's bottom line totaled $1.804 billion or $6.64 per share, compared with $2.370 billion or $8.53 per share last year.
The Wall Street analysts on average expected the company to report earnings of $ 5.64 per share. Analysts' estimates typically exclude special items.
The company's Worldwide net sales and revenues for the period fell 16.2% to $12.763 billion from $15.235 billion last year.
Net sales were $11.171 billion for the quarter, compared with $13.610 billion last year. The Street was looking for revenues of $10.79 billion.
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