Investing.com -- Shares in Deere & Company (NYSE:DE) fell in premarket U.S. trading after the world's biggest farm equipment group delivered disappointing 2024 profit projections.
The Illinois-based group said it now expects to report net income in the range of $7.75 billion to $8.25 billion in its 2024 fiscal period. Bloomberg consensus forecasts had called for guidance of $9.32B.
In a statement, Chief Executive Officer John May said: "While our end markets will fluctuate, we remain focused on disciplined execution and strategically investing in solutions that drive customer value.”
Net sales of construction and forestry equipment grew to $3.74B in the third quarter, an 11% jump compared to the corresponding period last year. The bump in demand was enhanced by a boost in pricing, although this was offset by elevated input expenses.
Worldwide net sales and revenues dropped by 1% to $15.4B in the three months ended on Oct. 29, while net income increased by 5.5% year-on-year to $2.37B.