Deere & Co. stock falls on guidance cut despite earnings beat

) reported a notable second-quarter earnings beat on Thursday, but shares tumbled 6% as the company cut its full-year net income forecast, signaling caution amid softening global agricultural demand and stable construction markets.

"John Deere’s second-quarter results were noteworthy in light of continued changes across the global agricultural sector," stated John May, chairman and chief executive officer. He highlighted the company's higher performance levels across business cycles and stability in construction end markets despite declining agricultural and turf demand.

However, Deere's financial services net income for the quarter saw an increase, benefiting from income earned on higher average portfolio balances, despite a higher provision for credit losses and less favorable financing spreads.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla 1Q profit falls 55%, stock jumps as company speeds production of cheaper vehiclesTesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading Tuesday as the company said it would move up production of new
Source: KUTV2News - 🏆 281. / 63 Read more »