Deere & Co. (NYSE:DE) posted better-than-expected second-quarter results on Thursday.
Quarterly net sales and revenue fell 16% year-over-year to $12.76 billion, topping the consensus estimate of $10.79 billion.
Net sales were $11.17 billion for the quarter and $17.98 billion for the first half, down from $13.61 billion and $24.10 billion a year ago. Deere's EPS was $6.64, down from $8.23 in the prior year, beating the consensus of $5.59.
John Deere Chairman and CEO John May said, "Despite the near-term market challenges, we remain confident in the future," reaffirming the company's commitment to delivering value through continued investment in advanced products, solutions, and manufacturing capabilities.
For 2025, Deere expects net income to be between $4.75 billion to $5.50 billion (prior $5.0 billion and $5.5 billion).
Deere shares gained 3.3% to trade at $533.17 on Friday.
These analysts made changes to their price targets on Deere following earnings announcement.
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