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Deere expects farm equipment growth, supply chain a pandemic risk

Earnings 638 Industrials - Capital Goods 553 Quote Watch 408 U.S. 5139

Farm equipment maker Deere & Co. reported a 2% year over year decline in revenues in the quarter to Oct. 31. That included a 16% drop in construction and a 1% dip in agricultural machinery. The firm expects revenue growth of 5% to 10% for the coming 12 months driven by “improved fundamentals in the ag sector as well as historically low inventories”. A key risk includes “constraints in the supply base and labor force availability due to COVID-19”. The firm’s supply chain recovery has accelerated recently with a 17.7% year over year increase in U.S. seaborne imports linked to the Deere in ...

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