May 16, 2024 11:07 GMT
Deere (A1/A/A+): 2Q24 Results
CAPITAL GOODS
Equity lower on net income guidance. Unlikely to impact credit.
• Revenue beat by 3%, 12% lower YoY. Operating profit beat by 7%, 20% lower YoY. Lower volumes as expected, but with slightly better pricing.
• FY24 guidance lowered: net income to $7bn from $7.5-7.75bn, OCF to $7-7.25bn from $7-7.5bn.
• Commitment to A rating remains the top priority for cash flow.
• Call 15.00 London https://events.q4inc.com/attendee/383064617
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