Deere & Company


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Deere & Co delivered an all-around beat in the previous quarter, with operating margins nearly reaching 22%, resulting in an impressive operating cash flow of nearly $12 billion. This success was attributed to robust market demand, effective operational execution, and improved production costs across the various business sectors. Looking ahead to 2024, Deere’s team anticipates a shift in agricultural market dynamics, leading to a decline in demand. Despite this, the team expresses confidence in maintaining the structural gains in profitability achieved in recent years, projecting an expected decrease based on the 2023 baseline financial performance. While the outlook for the construction and forestry market remains mixed, marked by uncertainties in housing and commercial investments, there are offsetting factors such as the positive impact of mega projects and increased infrastructure spending. Segment-wise, the production and precision ag business faced a 6% decrease in net sales in the fourth quarter, primarily due to lower shipment volumes. In small ag and turf, net sales in the fourth quarter were down 13%, totaling $3.094 billion, driven by lower shipment volumes. In conclusion, Deere’s management team aims to maintain strong financial performance in fiscal year 2024, demonstrating resilience in the face of industry headwinds.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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