MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CAPITAL GOODS: Deere (DE A1/A/A+): 4Q24 Results

CAPITAL GOODS
USBulletCredit BulletsNorth America

Appears credit neutral, a relatively strong 4Q but weaker 2025 outlook. It has plenty of financial flexibility.

  • Deere reported revenue 20% above consensus, down 28% YoY.
  • Adj. EBIT beat by 31%.
  • FY equipment FCF of $5.3bn, 9% ahead of expectations.
  • We see gross adj. leverage at 0.7x.
  • 2025 guidance is below consensus: net income 10% shy and equipment CFO at $4.5-5.5bn vs $7.1bn consensus. Divisional EBIT margins are also below.
  • https://events.q4inc.com/attendee/920941714
65 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Appears credit neutral, a relatively strong 4Q but weaker 2025 outlook. It has plenty of financial flexibility.

  • Deere reported revenue 20% above consensus, down 28% YoY.
  • Adj. EBIT beat by 31%.
  • FY equipment FCF of $5.3bn, 9% ahead of expectations.
  • We see gross adj. leverage at 0.7x.
  • 2025 guidance is below consensus: net income 10% shy and equipment CFO at $4.5-5.5bn vs $7.1bn consensus. Divisional EBIT margins are also below.
  • https://events.q4inc.com/attendee/920941714