Deere misses by $0.15, misses on revs; provides FY19 outlook
- Reports Q4 (Oct) earnings of $2.30 per share, excluding non-recurring items, $0.15 worse than the S&P Capital IQ Consensus of $2.45; net revenues rose 17.6% year/year to $8.34 bln vs the $8.59 bln S&P Capital IQ Consensus.
- Company equipment sales are projected to increase by about 7 percent for fiscal 2019 compared with 2018. Foreign-currency rates are expected to have an unfavorable translation effect on equipment sales of about 2 percent for the year.
- Outlook: Deere's worldwide sales of agriculture and turf equipment are forecast to be up about 3 percent for fiscal-year 2019, including a negative currency-translation effect of 2 percent. Deere's worldwide sales of construction and forestry equipment are anticipated to be up about 15 percent for 2019, with foreign-currency rates having an unfavorable translation effect of 2 percent. Fiscal-year 2019 net income attributable to Deere & Company for the financial services operations is projected to be approximately $630 million.
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