Core Insights - Tariffs on steel and aluminum have significantly impacted U.S. manufacturing, particularly affecting equipment makers and farm machinery manufacturers due to increased input costs [1][2] - Deere & Company reported Q3 earnings of $3.93 per share on revenue of approximately $12.4 billion, exceeding sales expectations, but shares fell over 5% due to a projected $1.2 billion pre-tax tariff impact for fiscal 2026, nearly double the current year's effect [3][6] - The company's market value is around $125.6 billion, with a forward dividend payout of $6.48 per share and a yield of about 1.33%, supported by a dividend payout ratio of 32.95% [4] Financial Performance - Deere's fourth-quarter net income was approximately $1.065 billion, or $3.93 per share, compared to $1.245 billion, or $4.55 per share, a year earlier, slightly missing the $3.96 consensus [6] - Worldwide net sales and revenues increased by 11% to roughly $12.394 billion in the quarter, although full-year revenues decreased by 12% to about $45.684 billion due to cooling agricultural demand and margin pressures from tariffs [7] - The shares are trading around $468, reflecting a year-to-date increase of roughly 10% and a 1% rise over the past 52 weeks, with a valuation of approximately 24.18x forward earnings compared to a sector median of 20.33x [5][6]

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