Deere Beats on Earnings, Misses on Guidance Amid Virus Barriers
- Company bucks machinery trend by reinstating earnings guidance
- Deere defends margins by keeping a lid on costs, better prices
This article is for subscribers only.
Deere & Co. may have done a better job than expected navigating the first months of the pandemic, but there’ll be no letup in threats to the machinery maker in the months ahead.
Declines in sales and profit in the February-April period were less severe than analysts predicted as agriculture -- deemed essential in the lockdown era -- proves relatively resilient. Lower costs and better pricing helped prop up margins even amid supply-chain disruptions and China trade deal concerns weighing on its customers.