Deere & Company (DE) stock experienced a significant 5.15% plummet in the pre-market trading session on Thursday, following the company's disappointing fiscal first-quarter earnings report and weak outlook for the full year.
The world's largest farm equipment maker reported a 50% year-over-year drop in net income to $869 million, or $3.19 per share, for the quarter ended January 26. While the earnings per share beat Wall Street's estimate of $3.11, the company's revenue fell short of expectations, declining 30% to $8.51 billion, compared to the consensus estimate of $7.7 billion.
The sharp decline in revenue and profits was primarily driven by lower shipment volumes across Deere's core operating segments, as more farmers switched to renting equipment due to weak incomes and high borrowing costs amidst uncertain market conditions. Deere's largest segment, Production & Precision Agriculture, saw a 37% drop in sales, while Small Agriculture & Turf and Construction & Forestry segments reported sales declines of 28% and 38%, respectively.
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