Deere & Company (NYSE:DE, ETR:DCO) shares moved lower as the company narrowed its full-year profit guidance along with the release of its fiscal third quarter earnings.
The agricultural machinery company now expects net income in the range of $4.75 billion to $5.25 billion, trimming the top end of its guidance from $5.5 billion.
The company noted that customers remain cautious amid ongoing uncertainty. Management highlighted its efforts to manage inventory proactively and align production with retail demand to navigate these challenges.
“We remain committed to delivering solutions that address our customers’ current needs while also laying the groundwork for future growth,” CEO John May said. “The positive outcomes we’re enabling reinforce our confidence in Deere’s future despite near-term uncertainty.”
For Q3, Deere reported earnings per share of $4.75, above Wall Street estimates of $4.58.
Revenue was down 9% year-over-year to $10.6 billion, above estimates of $10.35 billion.
Shares of Deere traded down 8.2% at about $472 following the release of its earnings