Deere Results Top Estimates Despite 'Ongoing Headwinds'

Group 1 - Deere & Company reported fiscal 2024 fourth-quarter results that exceeded estimates despite ongoing challenges in the agriculture and construction sectors [1][2] - The company's revenue for the quarter was $11.14 billion, a decrease of 28% year-over-year, while net income fell 47% to $1.25 billion [2] - Analysts had forecasted revenue and net income of $10.68 billion and $1.05 billion, respectively, indicating that the results surpassed these expectations [2] Group 2 - CEO John May highlighted significant market challenges and mentioned that the company adjusted its operations to align with the current environment [3] - The company anticipates fiscal 2025 net income to be between $5.0 billion and $5.5 billion, a decline from the $7.1 billion reported in fiscal 2024, while analysts project $5.89 billion [4] - Following the earnings report, Deere shares rose by 6%, despite being up only 1% for the year prior to the announcement [5]