Deere Raises Guidance as Market Stabilizes; Increasing FVE
Deere surpassed consensus expectations on the top- and bottom-line for the second fiscal quarter, and raised full-year revenue and income guidance. It now expects sales to increase approximately 9% (previously was 4%) and net income to be $2 billion (up from $1.5 billion). We increased our fair value estimate to $118 from $109 per share as macro farming conditions appear to be stabilizing and as we incorporate a lower U.S. federal statutory corporate tax rate beginning in 2018 (25% versus prior ...Deere & Co. operates the following segments: Agriculture and Turf, which manufactures and distributes a line of agriculture and turf equipment and related service parts, including utility tractors, tractor loaders, combines, cotton pickers, cotton strippers, and sugarcane harvesters; Construction and Forestry, which manufactures and distributes a range of machines and service parts used in construction, earthmoving, road building, material handling and timber harvesting, including backhoe loaders and crawler dozers and loaders; and Financial Services, which finances sales and leases by the company's dealers of new and used agriculture and turf equipment and construction and forestry equipment.
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