Deere & Company (NYSE: DE) reported its financial results for the quarter ended May 3, 2020, on Friday before the market opens. The results exceeded analysts’ expectations.
Deere posted a 41% dip in earnings for the second quarter of 2020 due to lower revenues. The company recorded impairments related to certain fixed assets, operating lease equipment, and a minority investment in a construction equipment company headquartered in South Africa.
The company expects earnings to be in the range of $1.6-2 billion for the full year. However, many uncertainties remain regarding the effects of the COVID-19 global pandemic that could negatively affect the company’s results and financial position in the future.
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