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Thanks Trump! Deere outlook for 2019 disappoints amid trade war, slowing demand
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CHICAGO (Reuters) – Deere & Co gave an underwhelming earnings forecast on Wednesday for fiscal 2019 after missing quarterly profit estimates amid a U.S. trade battle with China that has depressed U.S. farm commodity prices and hurt agriculture equipment demand.
The Moline, Illinois-based tractor maker expects net income of about $3.6 billion in 2019. That would translate into earnings of $11.10 per share, compared with the average analyst estimate of $11.47, according to Refinitiv data.
Equipment sales for the world’s largest tractor manufacturer are estimated to grow 7 percent on the year in 2019 compared with a 29 percent jump in fiscal 2018, which ended Oct. 28.
Still, the company’s shares opened higher as investors cheered the projected improvements in gross margins as well as the forecast for a flat to 5 percent increase in industry sales of agricultural equipment next year in North America, its biggest market. Industry sales for farm machines were estimated to have grown 10 percent this year.
https://www.politicususa.com/2018/11/21/deere-outlook-for-2019-disappoints-amid-trade-war-slowing-demand.html
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