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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.
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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.