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Deere sees some stability on farms in bruising trade fight

By MICHELLE CHAPMAN | February 21, 2020

Deere had a surprisingly strong first quarter after an extended period in which it was bruised by the ongoing trade war between the United States and China.

“Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports,” CEO John May said in a prepared statement Friday.

China announced Friday that it suspended more punitive tariffs on imports of U.S. industrial goods in response to a truce in its trade war with Washington. Under their “Phase 1” agreement signed in January, Washington agreed to cancel additional tariff hikes and Beijing committed to buy more American farm exports.

China's retaliatory tariffs have clobbered exports of soybeans and other commodities, hurting farmers, and in turn, farming equipment manufacturers.

The Trump administration has provided $27 billion in aid to farmers to ease the pain of his trade war. And in a tweet Friday, he promised to expand the bailout if farmers need it as they await the economic benefits of his recent trade deals with Mexico, Canada and China. He said the aid would be financed by revenue from his tariffs on foreign goods — taxes that are paid by American importers.

Deere, based in Moline, Illinois, has posted three consecutive quarters of falling profits and slowing sales growth with trade tensions between the world's two largest economies ongoing.

For the three months ended Feb. 2, Deere & Co. earned $517 million, or $1.63 per share. The per-share earnings easily beat the $1.28 that industry analysts had expected, according to a survey by Zacks Investment Research, and it topped last year's quarterly profit of $498 million, or $1.54 per share.

Adjusted revenue —which excludes financial services revenue— was $6.53 billion, also beating Wall Street's estimate of $6.2 billion.

The quarterly performance is in contrast to a year ago, when Deere cautioned on anxious farmers and rising costs.

Looking ahead, the companystill foresees fiscal 2020 earnings of $2.7 billion to $3.1 billion,unchanged from its previous guidance.

Shares of Deere & Co. jumped more than 6% at the opening bell.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DE at https://www.zacks.com/ap/DE

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Northern Star

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Northern Star

Deere sees some stability on farms in bruising trade fight

Asian shares mostly rise despite continuing virus fears

Shares take hit as virus outbreak slams profits, events

Nissan shareholders furious at Ghosn scandal, dismal results

Shares fall in Asia as virus outbreak hits profits, events

US stocks post small gains, major indexes up for the week

Asian stocks rebound from early losses as virus toll grows

Price worries remain after judge OKs T-Mobile’s Sprint deal

Tesla stock is soaring. Madness or visionary investing?

Asia shares gain, Shanghai up slightly after Wall St rebound

Asia shares mixed as WHO says China virus a global emergency

More airlines drop flights to China as virus spreads

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