EarningsDeere will deliver considerably higher margins and earnings than in prior cycles, adding fuel to the normal cyclical multiple expansion on trough fundamentals.
Financial PerformanceDeere introduced its FY25 outlook for FS net income at ~$750MM, which implies an 8% YoY increase.
Investor SentimentInvestor reaction to the softer-than-expected F2025 guide has been positive, particularly commentary that at some point in FH2/25, performance could be flattish or possibly positive.