Deere shares fall 5.3% after 2nd quarter earnings

Deere & Company shares closed down 5.3% in the session on Thursday (21), following the release of the financial results for the second fiscal quarter of the company, controller of the John Deere brand.

In the quarter ended May 3, the company recorded net profit of US$ 1.77 billion, a 2% decrease compared to the US$ 1.8 billion reported in the same period of the previous year.

In the first six months of the fiscal year, net profit totaled US$ 2.43 billion, a drop of 9% compared to the US$ 2.67 billion recorded a year earlier.

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The company's net revenue grew 5% in the quarter, reaching US$ 13.37 billion. Net sales went from US$11.17 billion in the second quarter of last year to US$11.78 billion this year.

Part of the quarterly result was helped by the receipt of more than US$270 million in refunds related to previously paid fees.

Despite this, the company kept its projection for net profit for fiscal year 2026 unchanged, estimated at between US$4.5 billion and US$5 billion.

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The maintenance of the annual guidance was accompanied by the company's cautious assessments of the scenario for the agricultural sector and its customers in the coming months. "While our customers face ongoing challenges, John Deere remains firmly committed to supporting their success through disciplined operations and resilience," said John May, the company's chairman and CEO, in a statement.

Source: CNN