— Deere & Company (NYSE: DE) reported its fourth-quarter 2019 adjusted earnings of $2.14 per share versus $2.13 per share expected.
— Total revenues increased by 5% to $9.9 billion. Sales in Equipment Operations rose by 4% to $8.7 billion versus $8.53 billion expected.
— The results reflected continued uncertainties in the agricultural sector. Many farmers remained cautious about making major investments in new equipment due to lingering trade tensions as well as difficult growing and harvesting conditions.
— Sales in Agriculture & Turf rose 3% to $5.8 billion due to price realization and higher shipment volumes, partially offset by the unfavorable effects of currency translation.
— Construction & Forestry sales grew by 8% to $2.95 billion helped by higher shipment volumes and price realization, partially offset by the unfavorable effects of currency translation.
— Financial Services posted a 66% dip in net income to $90 million, mainly due to impairments and higher losses on operating-lease residual values and unfavorable financing spreads.
— Looking ahead into fiscal 2020, net income attributable to Deere & Company is forecast to be in the range of $2.7 billion to $3.1 billion. The long-term outlook for its businesses remained healthy and points a promising future.