Deere & Co. continued to post big numbers with its fiscal third-quarter earnings report last Wednesday. Deere’s 26% net income gain wasn’t surprising after AGCO and CNH reported strong profit numbers two weeks earlier.
But looking ahead, Deere indicated that it expects to see some softening in the agricultural market and reduced its outlook somewhat for revenues in its fiscal fourth quarter, as well as for farm cash receipts. The company also slightly reduced its projections for most farm commodity prices.
The company expects U.S. farm cash receipts will drop to $389.8 billion in 2013 and $379.7 billion next year from a record $402.1 billion last year. Deere also said equipment sales in the current fiscal fourth quarter will drop 5% vs. the same period of 2012.
Following are selected slides from Deere’s presentation to analysts following its earnings report on August 14.