On the sales side, DE's revenues are expected to retreat to $4.77B versus prior year's Q1 result of $4.77B.
For the quarter ended January 29, sales of Deere's farm machinery were flat from a year earlier at $3.59 billion, while operating income rose 48% to $213 million with proceeds from the sale of a portion of the SiteOne distribution unit. (DE) on Friday reported fiscal first-quarter results that topped expectations, boosted its sales outlook, and said there were signals of a rebound in some agricultural markets that have been hit hard by low crop prices.
"Deere's performance showed further benefits from the sound execution of its operating plans, the strength of a broad product portfolio and the impact of a more flexible cost structure".
"At the same time we are seeing signs that after several years of steep declines, key agricultural markets may be stabilizing", Deere CEO Samuel Allen said in a statement.
The updated forecast implies earnings per share of $4.75 versus $4.40 previously, Jefferies analyst Stephen Volkmann said. The new projection of $1.5 billion is significantly ahead of analysts' consensus estimate of $1.3 billion. According to these analysts, the Low Revenue Estimate for Deere & Company is 4.51 Billion and the High Revenue Estimate is 5.37 Billion. "John Deere has started out the year on a positive note in the continued face of soft market conditions", said Allen.
Total net sales fell about 1.5 percent to $4.70 billion. Segment Sales: Agriculture & Turf. flat; Construction & Forestry -6%. Equipment net sales in the United States and Canada decreased 8 percent.
On Oct 16 Deere & Company (NYSE:DE) reported its EPS in the last quarter as $0.9/Share beating the analyst estimate of $0.4/Share by the difference of $0.5. Foreign-currency rates are not expected to have a material translation effect on equipment sales for the year or second quarter.
Net sales and revenues are projected to increase about 4 percent for fiscal 2017 with net income attributable to Deere & Company of about $1.5 billion.
The Moline, Ill. -based company offered a surprisingly upbeat outlook for equipment sales growth, even with continued weakness expected in the USA market that Deere dominates. Wall Street now is looking for fiscal year 2017 revenues of $23.29 billion.
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