• FY2023* was a peak-cycle year for DE, so FY2024 is a down year, although still the second-best earnings year in the company's history, based on current guidance.
• FY2Q24 product sales (excluding revenue from DE’s finance unit) were $13.6B, -16% YoY, but above the Wall Street consensus figure of $1326B.
• FY1Q24 GAAP EPS was $8.53, -12% YoY, but above the Wall Street consensus figure of $7.86.
• DE lowered guidance for FY2024 net income to $7.0B (from the prior range of $7.50-7.75B three months ago and $7.75-8.25B six months ago). Based on 278M diluted shares @4/30/24, DE’s FY2024 net-income guidance equates to FY2024 GAAP EPS of $25.18, -27% relative to the actual $34.63 in FY2023.
At the current share price (~$399 as I’m typing), the FY2024 EPS guidance equates to a FY2024 P/E ratio of ~15.8x.
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