1307 ET - Deere left its FY25 profit guidance unchanged at $5 billion to $5.5 billion, but that now includes a significant 300 basis point reduction to the company's full-year tax rate, Raymond James analyst Tim Thein says in a research note. The reduction stems largely from favorable items in F1Q, the analyst says. Deere reported earnings of $869 million for F1Q, down 50% year-over-year, that includes $163 million of discrete tax benefits related to special items. "Therefore, when netted against the negative currency impacts and other quarterly items, our full year net income forecast remains unchanged," Deere's Josh Beal says on a call with analysts. (dean.seal@wsj.com)
(END) Dow Jones Newswires
February 13, 2025 13:07 ET (18:07 GMT)
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