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For those looking for evidence of the US-China trade war hurting the economy, one only need to look at the U.S. farm sector this week.
On a day stocks bounced back, NVIDIA shares rose after the company reported a strong quarter, as did those of Deere despite challenges in the agricultural industry.
(Bloomberg) -- Deere & Co. is banking on farmers spending their bailout money on tractors. But with the trade war dragging on and farm credit conditions deteriorating, that could turn out to be a risky bet.The world’s biggest tractor maker expects its fourth-quarter sales will increase from a year earlier, with more of the Trump administration’s trade-war payments for farmers lifting farm cash receipts for 2019.The latest bailout includes $14.5 billion in direct payments to farmers, which could lead to some “incremental demand,” Deere executives told analysts on a Friday call to discuss financial results. The impact could be delayed or dampened by the tough agriculture environment, Luke Chandler, Deere’s chief economist, said.But farmer debt is rising as Trump’s trade wars have stifled export markets. Agricultural credit conditions in the seventh district deteriorated in the second quarter, with the highest portion of customers having major or severe difficulties repaying loans in 20 years, according to the Federal Reserve Bank of Chicago.Farmers may not go for six-figure tractors and combines with their windfall, said Bloomberg Intelligence analyst Chris Ciolino. They’ll more likely use it more conservatively to pay down debt, or even save it.“There’s a growing risk that the replacement cycle gets delayed beyond 2020 given the persistent trade uncertainty,” Ciolino said. “I have trouble seeing a catalyst in the near-to-mid term that will instill enough confidence.”To contact the reporters on this story: Lydia Mulvany in Chicago at firstname.lastname@example.org;Isis Almeida in Chicago at email@example.comTo contact the editor responsible for this story: James Attwood at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Deere & Co. isn’t selling as many tractors these days, with trade wars raging and crop prices near multi-year lows. Since many of its farmer customers aren’t buying, the company is now looking for ways to save.The Moline, Illinois-based company said Friday it’s conducting a thorough assessment of its cost structure and taking actions to be more “nimble and efficient.”Steps include boosting organizational efficiency through a footprint assessment. The company is also looking to make investments “with the most opportunity for differentiation,” including precision agriculture. It’s aiming for a 15% structural operating profit by 2022.Executives said the company had already taken some measures in the third quarter, and was contemplating some for the fourth. All in all, these total just $25 million. More details will come in the fourth quarter call, executives said.The reductions could be more long-term structural changes to adjust to current market dynamics, which could take years, said Chris Ciolino, an analyst at Bloomberg Intelligence.Operating profit in the company’s biggest money-making segment, agriculture machinery, fell 24% from a year ago. Higher production costs was one of the culprits, along with lower shipment volumes. Deere is also forecasting slightly higher costs as a percentage of net sales for its equipment operations -- about 77% compared with 76% previously.\--With assistance from Karen Lin.To contact the reporter on this story: Lydia Mulvany in Chicago at email@example.comTo contact the editor responsible for this story: James Attwood at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Deere & Co.’s shares jumped after it pledged to lower its costs and offered an outlook cut that was less than some investors feared as it fights to overcome a disruptive trade war and a slowing global economy.The world’s top tractor maker gained the most in seven months, climbing as much as 5.1% after announcing earnings Friday to recover some of the losses earlier in the week. While quarterly earnings trailed the average estimate, its guidance and a vow to boost efficiency may have comforted investors buffeted by a tumultuous two weeks in agriculture markets.American growers are resisting major purchases as the U.S.-China trade war stretches into a second year and after a season when wild weather batters their crops. An escalation in trade tensions led to China halting purchases of American farm products, while corn prices tanked Monday when the U.S. government came out with acreage and yield numbers that exceeded estimates.“There’s been so much negative sentiment with the erosion of the trade environment and then the disastrous WASDE report,” said Chris Ciolino, a Bloomberg Intelligence analyst. “People were bracing for more doom and gloom.”With production costs in some segments rising, the Moline, Illinois based company said it’s “initiating a series of actions to make the organization more structurally efficient and profitable.”For fiscal 2019, equipment sales are now projected to rise about 4%, with net income forecast at $3.2 billion, Deere said in a statement. Three months ago, it predicted 5% equipment sales growth and $3.3 billion profit.While Deere remains positive on general economic conditions, it lowered guidance for construction and forestry and now expects fiscal 2019 economic growth in the U.S. to be in line with 2018, downgrading a previous forecast for acceleration.On a net basis, quarterly profit slipped to $899 million from $910 million a year ago. Sales fell 3%.“We view Deere’s 3Q results and outlook as more resilient than feared,” Goldman Sachs Group Inc. analysts said in a note to clients.(Adds comment in the third paragraph.)\--With assistance from Karen Lin.To contact the reporter on this story: Lydia Mulvany in Chicago at email@example.comTo contact the editors responsible for this story: James Attwood at firstname.lastname@example.org, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deere & Co. officials said there is a "high degree of uncertainty that continues to overshadow the agricultural sector."
Deere & Co. on Friday cut its earnings forecast and announced a review of costs after quarterly profits yet again missed Wall Street's estimates, hurt by bad weather and the U.S.-China trade war that have depressed sales of its farm machines. This is the second cut to the full-year earnings outlook in the past three months. Deere said it was reviewing cost structure and initiating a series of measures after its production costs in the third-quarter shot up by 2 percentage points from a quarter ago.
Federal Deposit Insurance Corporation gives the green light to BancorpSouth Bank (BXS) for completion of the proposed mergers with Van Alstyne Financial Corporation and Summit Financial Enterprises.
Deere (DE) delivered earnings and revenue surprises of -3.21% and -3.59%, respectively, for the quarter ended July 2019. Do the numbers hold clues to what lies ahead for the stock?
Buy Deere as a core long position, then countertrade future volatility. Buy on weakness to its annual value level at $134.22 and sell on strength to its semiannual risky level at $160.91.
Deere (NYSE: DE ) reported third-quarter earnings of $2.71 per share, which missed the analyst consensus estimate of $2.85. This is a 4.63% increase over earnings of $2.59 per share from the same period ...
in four months as the US-China trade war continues to hit American farmers. In a move that pushed its shares lower in pre-market trading, Deere reduced its net income outlook to $3.2bn from $3.3bn previously, saying that the “continued uncertainty” in the agricultural sector had weighed on its results. its state-owned enterprises to halt their purchases of US agricultural goods earlier this month.
Deere & Co. shares slid 2.8% in premarket trade Friday, after the maker of agricultural and construction equipment's fiscal third-quarter profit fell short of estimates. Moline, Ill.-based Deere said it had net income of $899 million, or $2.81 a share, in the quarter to July 28, compared with $910 million, or $2.78 a share, in the year-earlier period. Adjusted per-share earnings came to $2.71, below the $2.83 FactSet consensus. Sales fell 3% to $10.036 billion, beating the FactSet consensus of $9.407 billion. "John Deere's third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector," Chief Executive Samuel R. Allen said in a statement. "Concerns about export-market access, near-term demand for commodities such as soybeans, and overall crop conditions, have caused many farmers to postpone major equipment purchases. At the same time, general economic conditions remain positive and are contributing to strong results for Deere's construction and forestry business." The company is expecting company equipment sales to rise about 4% in fiscal 2019. Net sales and revenues are expected to rise about 5%, while net income is expected to come to about $3.2 billion. Shares have fallen 3.7% in 2019, while the S&P 500 has gained 13.6%.
Deere & Co.'s third-quarter earnings on Friday missed Wall Street estimates, hurt by the U.S.-China trade war that has dented the demand for farm equipment, forcing the company to revise down its full-year profit and sales growth forecasts.
Investing.com - Wall Street clawed back more of their midweek losses on Friday in the absence of fresh geopolitical shocks, but were still on course for a third straight weekly loss against the backdrop of a slowing global economy.