Deere beats by $0.34, misses on revs; guides Q1 net sales just above consensus; guides FY16 net slaes in-line :
- Reports Q4 (Oct) earnings of $1.08 per share, $0.34 better than the Capital IQ Consensus of $0.74; net sales (ex-financial services, other rev) fell 26.2% year/year to $5.93 bln vs the $6.11 bln Capital IQ Consensus.
- Sales included price realization of 1 percent for the quarter and full year. Additionally, sales included an unfavorable currency-translation effect of 5 percent for the quarter and full year. Equipment net sales in the United States and Canada decreased 23 percent for the quarter and 18 percent for the full year. Outside the U.S. and Canada, net sales fell 31 percent for the quarter and were down 28 percent for the year, with unfavorable currency-translation effects of 11 percent and 10 percent for these periods.
- Weakness in global markets for farm and construction equipment leads to decline in sales and earnings for quarter and full year.
- All businesses remain solidly profitable, helped by sound execution and disciplined cost management.
- Co issues upside guidance for Q1, sees Q1 net sales -11% to ~$4.99 bln vs. $4.92 bln Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY16, sees FY16 net sales -7% to ~$23.97 bln vs. $24.11 bln Capital IQ Consensus; earnings of $1.4 bln.
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