Deere (DE) projects net income at $1.6-$2 billion for fiscal 2020 but cautions that the COVID-19 pandemic might affect the company's performance.

The U.S. death toll from the coronavirus that causes COVID-19 edged closer to 100,000 on Friday, as the news emerged that the Centers for Disease Control and Prevention has been combining the results of two different types of tests for the illness in a move that has been sharply criticized by health experts.

Stocks edged down Friday morning as ongoing signs of the economic damage from the coronavirus pandemic compounded with fears of rising U.S.-China tensions. A slew of quarterly corporate earnings results came in mixed.

The company expects a 45% decline in net income for the full year compared to last year. Deere chairman and CEO John May, said the company's focus has been to operate safely and protect the health and well-being of its employees through the COVID pandemic, while also satisfying customer requirements. While the company continued to operate to fulfill customer needs as an essential business, its factory in Moline, Illinois also began producing a planned 225,000 face shields to be distributed to healthcare workers in communities where Deere operates.

Earnings and revenue beat expectations but fall year-over-year Continue reading...

Deere (DE) delivered earnings and revenue surprises of 19.21% and 8.41%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?

John Deere reported better-than-expected second-quarter fiscal 2020 results but warned of the impact of COVID-19 on full fiscal sales.

Market Tumbles on Hong Kong Tensions.

Heavy equipment make John Deere said full-year sales are likely to fall sharply as demand tumbles amid the coronavirus pandemic.

Q2 2020 Deere & Co Earnings Call

(Bloomberg) -- 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.The company, which dropped annual guidance in March as it cut back operations, bucked an industry trend by providing a new profit forecast -- of $1.6 billion to $2 billion. That’s just below the average analyst estimate and a sharp drop from last year. Shares fell for the first time in three days.“Deere continues to produce and ship machinery and repair parts to meet demand,” it said in a statement. “Responding to this demand in the face of the pandemic has been a challenge as a result of various regulatory, economic, and other barriers that have affected production facilities and the supply chain.”Deere forecast its 2020 worldwide agriculture equipment sales to be down 10% to 15%, and said industry sales would decline 10% in the U.S. and Canada -- its biggest money-making region. It said construction and forestry equipment sales would drop 30% to 40%.Deere’s fiscal second quarter is often its strongest as farmers buy planting equipment for the growing season.The cycle of farmers replacing aging machinery will persevere through near-term challenges like the trade war, tough growing conditions and the economic shutdown, according to Edward Jones analyst Matt Arnold. A $19 billion government aid package may also boost American farmers’ purchasing power.The decision to reinstate guidance is positive, and may prove to be conservative given the solid quarter, said Chris Ciolino, an analyst with Bloomberg Intelligence. Results showed “really just strong execution on the cost side and better pricing.”Defensive PlayThe Moline, Illinois-based company is also shoring up its liquidity. It raised $4.5 billion in funding during the pandemic.“Deere’s solid balance sheet, good credit metrics and management prudence are likely to help soften the impact of the virus outbreak, at least in the near term,” said Stephane Kovatchev, a credit analyst with Bloomberg Intelligence.Fiscal second-quarter adjusted earnings were $2.11 cents a share. compared with the $1.62 average estimate and $3.52 a year ago.(Updates with shares)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Jared Blikre break down Deere & Co. and Foot Locker earnings.

Deere & Company Announces Quarterly Dividend

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Deere posted better-than-expected second-quarter earnings, but warned of impacts from COVID-19 to come. Yahoo Finance’s Adam Shapiro discusses.

By Yasin Ebrahim

Buy Deere on weakness to its 200-week SMA. Reduce on strength to quarterly and monthly risky levels.

By Yasin Ebrahim

Mainland China appears to be turning toward Hong Kong's economic prowess to help the country recover from the lockdown measures that took a hammer to China's GDP over the past several months.

Deere, Foot Locker and Nvidia post quarterly financial results Continue reading...