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  4. Deere shares drop after earnings miss, changes full year outlook
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Deere shares drop after earnings miss, changes full year outlook

By Bianca Flowers and Aishwarya Nair (Reuters) -Deere & Co missed Wall Street earnings estimates on Friday as the world's largest heavy equipment maker continues to grapple with...
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Deere shares drop after earnings miss, changes full year outlook © Reuters. FILE PHOTO: John Deere tractors are seen for sale at a dealer in Longmont, Colorado, U.S., February 21, 2017. REUTERS/Rick Wilking/File Photo

By Bianca Flowers and Aishwarya Nair

(Reuters) -Deere & Co missed Wall Street earnings estimates on Friday as the world's largest heavy equipment maker continues to grapple with parts shortages stemming from supply chain snarls, sending its shares down some 7% in premarket trade.

Higher raw materials and freight costs amid supply and logistics bottlenecks have plagued production for industrial manufacturers, putting pressure on margins and curbing output.

"Our results reflected higher costs and production inefficiencies driven by the difficult supply-chain situation," said John May, chief executive of the maker of industrial goods such as agricultural machinery and diesel engines.

The Moline-based company revised its full-year net income guidance to between $7.0 billion and $7.2 billion, compared with its previous outlook of $7.0 billion to $7.4 billion.

Deere (NYSE:DE) reported sales of $13.0 billion, beating analysts projections of $12.78 billion. The manufacturer recorded net income of $1.88 billion, or $6.16 per share, below analysts estimates of $6.69 per share for the quarter ended July 31, according to Refinitiv IBES data.

Total net sales and revenue rose about 22% to $14.10 billion.

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01-05-2024 10:45:17 (UTC+7)

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 AUD/USD0.6469Neutral
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 EUR/JPY168.32↑ Buy
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 Gold2,295.80↑ Sell
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