The earnings call highlighted Deere's resilience and strategic initiatives amid significant market challenges, with strong financial metrics and technology advancements underscoring a proactive approach. However, substantial declines in sales, especially in key segments like large ag and construction, as well as ongoing inventory challenges, present significant headwinds for the upcoming year.

Company Guidance

During the Deere & Company Q4 2024 earnings call, the company provided detailed guidance for fiscal 2025, highlighting several key metrics. Deere anticipates net income of $5 billion to $5.5 billion, with an effective tax rate between 23% and 25%. Equipment operations are expected to generate operating cash flow between $4.5 billion and $5.5 billion. For the year, net sales for the equipment operations are forecasted to decline by approximately 13%, with production and precision ag net sales down around 15% and small ag and turf net sales down 10%. The construction and forestry segment is projected to see net sales decrease by 10% to 15%. Despite these challenges, Deere expects to maintain positive pricing across all segments, contributing to their forecast of a full-year operating margin of 11.5% to 12.5% for construction and forestry, 13% to 14% for small ag and turf, and 17% to 18% for production and precision ag. The company aims to manage costs and maintain structural improvements, with projected EPS guidance at around $19, reflecting operational resilience at sub-trough sales levels.

Better-Than-Expected Fourth Quarter

Deere finished the year with a better-than-expected fourth quarter, achieving 13.1% margins for equipment operations and generating $6.9 billion in operating cash flow despite shipment volumes being below mid-cycle levels.

Record Operating Margins

Full-year operating margins were reported at 18.2%, reflecting significant structural improvements and proactive execution.

Resilience in Financial Metrics

Despite challenging market conditions, Deere achieved over $7 billion in net income for the year, marking a resilient performance.

Strong Technology Adoption

Significant growth in technology adoption, with record levels in advanced features like See & Spray technology, which reduced herbicide use by nearly 60% and covered 1 million acres.

Positive Price Realization

For fiscal year 2025, positive price realization is expected across all segments, contributing to favorable price-cost dynamics.

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Deere (DE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 14, 2025	2025 (Q1)	3.15 / -	6.23	―	―	―
Nov 21, 2024	2024 (Q4)	3.87 / 4.55	8.26	-44.92% (-3.71)
Aug 15, 2024	2024 (Q3)	5.67 / 6.29	10.2	-38.33% (-3.91)
May 16, 2024	2024 (Q2)	7.91 / 8.53	9.65	-11.61% (-1.12)
Feb 15, 2024	2024 (Q1)	5.24 / 6.23	6.55	-4.89% (-0.32)
Nov 22, 2023	2023 (Q4)	7.46 / 8.26	7.44	11.02% (+0.82)
Aug 18, 2023	2023 (Q3)	8.22 / 10.20	6.16	65.58% (+4.04)
May 19, 2023	2023 (Q2)	8.59 / 9.65	6.81	41.70% (+2.84)
Feb 17, 2023	2023 (Q1)	5.54 / 6.55	2.92	124.32% (+3.63)
Nov 23, 2022	2022 (Q4)	7.11 / 7.44	4.12	80.58% (+3.32)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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DE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 21, 2024	$404.96	$437.54	+8.05%
Aug 15, 2024	$350.04	$371.95	+6.26%
May 16, 2024	$410.95	$391.51	-4.73%
Feb 15, 2024	$380.52	$360.62	-5.23%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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