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DE—(+7%)—FY1Q20 results better than investors feared—see my comments

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DewDiligence Member Level  Friday, 02/21/20 04:57:56 PM
Re: DewDiligence post# 322
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DE—(+7%)—FY1Q20 results better than investors feared—see my comments at bottom...

PR:
https://www.deere.com/en/our-company/news-and-announcements/news-releases/2020/corporate/first-quarter-earnings/

CC slides:
https://s22.q4cdn.com/253594569/files/doc_financials/2020/q1/1Q_2020_Earnings-Call-Presentation.pdf

Bloomberg:
https://finance.yahoo.com/news/deere-reports-first-quarter-income-114500584.html
Quote:
“Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports,” Chief Executive Officer John May said in a statement accompanying its fiscal first quarter results.

While the CEO didn’t mention the coronavirus in the statement, his comments may help ease concerns about how much the outbreak will delay China’s return to U.S. agricultural markets as laid out in the phase one trade deal. The tit-for-tat tariff spat with China made American farmers cautious on replacing large equipment, Deere’s top moneymaker.

…Deere maintained its fiscal 2020 [profit] guidance, forecasting a range of $2.7 billion to $3.1 billion.

DE’s PR says that business in the Construction Division, which comprises about 1/3 of corporate sales, how slowed somewhat. Nevertheless, business in the Construction Division can’t be really[/] bad or DE would’ve lowered FY2020 guidance or at least guided toward the low end of the $2.7-3.1B range. Given my expectation for how Covid-19 would affect the global construction industry, I’m surprised that DE maintained prior guidance.

The (unchanged) FY2020 profit guidance equates to GAAP EPS of $8.57-9.84, an unusually wide range due to market uncertainties. This EPS range is [-14% to -1%] YOY on a comparable-tax basis, as explained in https://investorshub.advfn.com/boards/read_msg.aspx?message_id=152509594 .


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