Deere & Company (NYSE:DE) shares tumbled Thursday after the agricultural equipment giant posted mixed third-quarter results and trimmed its full-year profit forecast, highlighting persistent headwinds from declining sales, tariffs, and cautious customer demand.
The heavy machinery maker reported earnings per share of $4.75, beating the consensus of $4.67. It reported a 9% decline in quarterly sales to $12.02 billion, beating the consensus of $10.31 billion.
Production and precision agriculture sales decreased 16% for the quarter to $4.27 billion as a result of lower shipment volumes and unfavorable price realization. Operating profit slumped 50% to $580 million primarily due to lower shipment volumes / sales mix.
Small agriculture and turf sales decreased 1% to $3.03 billion due to lower shipment volumes, partially offset by favorable currency translation and price realization.
Operating profit decreased 2% to $485 million due to higher tariffs, partially offset by reductions in warranty expenses and lower …