MNI BRIEF: Canada PM Carney Derides Trump's 51st State Idea

MNI BRIEF: Carney Sworn In As PM, Names Champagne To Finance

MNI China Daily Summary: Friday, March 14

MNI BRIEF: China February M2 Stays At 7% Y/Y

RPT-MNI INTERVIEW2: Lag Justifies Faster CNB Easing - Holub

BAKER HUGHES CANADA RIG COUNT 199; OIL RIGS 139; GAS RIGS 60

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 487; GAS RIGS 100

EZ/UK T-Bill Calendar: DE, NL and FR Due Monday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CAPITAL GOODS: Deere (DE A1/A/A+): 1Q25 Results

CAPITAL GOODS
USBulletCredit BulletsNorth America

Painful print from Deere, which continues to benefit from a strong balance sheet. Slight credit negative, with FY guidance confirmed helping limit the impact.

  • Deere revenue missed consensus by 11% with a 30% YoY drop. The miss was even across divisions.
  • Adj. EBIT missed by 40%. Management pointed to focus on optimising inventory in challenging conditions. We’re left questioning that, with inventory up QoQ, by a similar amount to last year. It did reduce over 2024.
  • FCF was -$3.2bn with -$2.6bn expected. We see leverage up to 0.7x from 0.4x QoQ and YoY. It remains committed to single A ratings.
  • FY25 forecasts and industry outlook remains unchanged.
  • Webcast 15.00 GMT https://events.q4inc.com/attendee/721891572.
106 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.

Painful print from Deere, which continues to benefit from a strong balance sheet. Slight credit negative, with FY guidance confirmed helping limit the impact.

  • Deere revenue missed consensus by 11% with a 30% YoY drop. The miss was even across divisions.
  • Adj. EBIT missed by 40%. Management pointed to focus on optimising inventory in challenging conditions. We’re left questioning that, with inventory up QoQ, by a similar amount to last year. It did reduce over 2024.
  • FCF was -$3.2bn with -$2.6bn expected. We see leverage up to 0.7x from 0.4x QoQ and YoY. It remains committed to single A ratings.
  • FY25 forecasts and industry outlook remains unchanged.
  • Webcast 15.00 GMT https://events.q4inc.com/attendee/721891572.