MNI China Press Digest Feb 26: Private Sector, NPC, Banks

MNI: PBOC Net injects CNY9.8 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1732 Weds; -0.90% Y/Y

MNI: Fed's Barkin Waiting For Policy Uncertainty To Abate

MNI NBH WATCH: Rates Held, But Q1 Disinflation Hopes Alive

MNI China Daily Summary: Tuesday, February 25

MNI: AUSTRALIA MONTHLY JAN CPI 0.6% MM, 2.7% YY

EZ/UK T-Bill Calendar: 2/5-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: Bund Auction on Wednesday

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

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 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.