• FY1Q24 product sales (excluding revenue from DE’s finance unit) were $10.5B -24% YoY, but above the consensus figure of $10.3B.
• FY1Q24 GAAP EPS was $6.23, -5% YoY and below the consensus figure of $6.55.
• DE lowered guidance for FY2024 net income to $7.50-7.75 (from the prior range of $7.75-8.25B). Based on 281M diluted shares @1/31/24, DE’s FY2024 net-income guidance equates to FY2024 GAAP EPS of $26.70-27.20. At the midpoint of the range ($26.95), the FY2024 EPS guidance is -22% YoY relative to $34.63 in FY2023.
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