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Deere’s revenue and profits continuously under pressure

  • 20 May 16

The group released Q2 15/16 numbers (FYE 31 October) and these show a continuing downward trend, in particular for its Construction & Forestry division and for Financial Services. While revenue of the Agricultural & Turf division was almost unchanged in Q2 (-0.4% to $5.74bn), revenue of Construction & Forestry fell by 16% to $1.37bn. Turnover of Financial Services was also almost unchanged (-2% to $117m). All of these variations were less strong in Q2 compared to Q1. However, divisional operating earnings deteriorated faster in Q2 in both Construction & Forestry (-61% to $74m) and Financial Services (-40% to $160m), whereas the profit slump was small at -4% to $614m in Agricultural & Turf. Management blames higher losses on lease residual values for the profit collapse of Financial Services, whereas the profit fall in Construction & Forestry is simply the result of falling volumes. For the full fiscal year, management expects retail sales of agricultural machinery to fall in all regions around the world. The rate of decline is expected to come in between 15% and 20% in both North and Latin America and to be unchanged or show a fall of up to 5% in both Western Europe and Asia. Volvo’s Construction Equipment division is expected to suffer a revenue fall of 5% and an EBIT drop of 14%. Taking a look at Deere’s numbers suggests that the expected profit fall is probably alright, but the revenue fall will possibly be sharper.