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CAPITAL GOODS: Deere (DE A1/A/A+): 3Q24 Results

CAPITAL GOODS

Positive results, awaiting clarity on OCF guidance.

  • Deere reports revenue 7% ahead of consensus, driven by Agriculture with Construction lagging slightly. That’s a 17% drop YoY, like CNH, with difficult trading conditions due to pressure on famers from falling crop prices.
  • Adj. EBIT beat by 14% with margins holding up well.
  • FY24 OCF guidance reduced $1bn to $6-6.5bn, despite reiterating net income guidance. No commentary on that yet, we will need to see what’s said on the call. Global Ag is expected to remain weak.
  • Commitment to “A” rating remains the top use-of-cash priority.
  • Webcast 15.00 BST https://events.q4inc.com/attendee/985444834.
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