Deere & Co Surpasses Q3 Profit Estimates Amidst Weak Demand, Shares Surge 4% Pre-market

Deere & Co. surprised analysts with stronger-than-expected Q3 profits, driven by effective cost control and maintained price increases, boosting shares by 4%. The company kept its 2024 net income forecast at $7 billion despite predicted decline in US farm incomes. Production and precision agriculture sales fell 25% to $5.1 billion, impacting overall net sales and revenue, which decreased by 17% to $13.15 billion.

Effective Cost Control

Deere & Co. actively managed its costs to mitigate the impact of sluggish demand for its farm equipment, demonstrating resilience in challenging market conditions.

The company maintained its price increases despite the decline in demand, showcasing its ability to navigate through market volatility while preserving its profit margins.