Deere's stock jumps toward another record. The construction business is booming again. - MarketWatch## Earnings Results# Deere's stock jumps toward another record. The construction business is booming again.## The stock is headed toward its eighth record this year, as Deere's estimate for 2026 sales growth looks set to outpace the industryPublished: Feb. 19, 2026 at 8:55 a.m. ETShareResize---Listen(3 min)Deere's stock surges further into record territory after a big earnings beat and a full-year outlook for ...

智通财经APP获悉，农用机械巨头迪尔股份(DE.US)公布了好于预期的2026财年第一季度业绩，并上调 了全年盈利预测。财报显示，迪尔股份Q1营收同比增长13%至96.11亿美元，好于分析师普遍预期的 76.9亿美元;净利润为6.56亿美元，较上年同期的8.69亿美元下降25%;摊薄后每股收益为2.42美元，低于 上年同期的3.19美元，但好于分析师普遍预期的2.06美元。 展望未来，迪尔股份预计，2026财年全年净利润为45亿至50亿美元，高于此前预测的40亿至47.5亿美 元，也高于分析师普遍预测的44.5亿美元。 对于迪尔股份来说，其最大的生产和精准农业部门——面向全球最大的农民——仍然面临压力，该公司 重申了对今年净销售额下降5%至10%的预期。该公司还上调了对小型农业和草坪以及建筑和林业部门 的展望。 迪尔股份首席执行官约翰·梅表示："尽管全球大型农业行业继续面临挑战，但我们对建筑和小型农业领 域持续复苏的需求感到鼓舞。这些积极进展让我们更加相信，2026年将是当前周期的底部，并为我们未 来加速增长奠定了坚实的基础。" 相比之下，迪尔股份的竞争对手CNH Industrial NV本周早些时候采取了 ...

Core Insights - Deere & Company reported a 25% year-on-year decline in net income to $656 million, or $2.42 per share, despite a 13% increase in total revenues to $9.61 billion [1][2] - The company raised its full-year net income guidance to a range of $4.5 billion to $5 billion, indicating optimism about future growth [3] Financial Performance - The Production & Precision Agriculture division experienced a significant operating profit decline of 59% to $139 million, with operating margin decreasing from 11% to 4.4% [2] - In contrast, the Construction & Forestry division saw operating profit more than double to $137 million, while the Small Agriculture & Turf division reported a 58% increase in operating profit to $196 million, both benefiting from higher shipment volumes [2] Future Outlook - The CEO of Deere & Company expressed belief that 2026 will mark the bottom of the current agricultural cycle, citing recovering demand in construction and small agriculture as a basis for future growth [3]

Core Insights - Deere (DE) reported quarterly earnings of $2.42 per share, exceeding the Zacks Consensus Estimate of $1.92 per share, but down from $3.19 per share a year ago, resulting in an earnings surprise of +26.21% [1] - The company achieved revenues of $8 billion for the quarter, surpassing the Zacks Consensus Estimate by 5.22%, compared to $6.81 billion in the same quarter last year [2] - Deere's stock has increased by approximately 27.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $5.55, with projected revenues of $11.32 billion, and for the current fiscal year, the EPS estimate is $16.82 on revenues of $40 billion [7] - The trend of estimate revisions for Deere was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Manufacturing - Farm Equipment industry, to which Deere belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% of industries [8] - Alamo Group (ALG), another company in the same industry, is expected to report quarterly earnings of $2.06 per share, reflecting a year-over-year decline of -13.8%, with revenues projected at $399.6 million, up 3.7% from the previous year [9][10]

本文源自：金融界AI电报 迪尔股份(DE.N)报告第一季度净利润为6.56亿美元。第一季度营收96.1亿美元。 ...

美国机械制造商Deere第一季度每股收益为2.42美元，去年同期为3.19美元，市场预期为2.05美元。第一 季度净收入为6.56亿美元，同比下降25%，市场预期为5.54亿美元。预计全年净收入为45亿至50亿美 元，此前预计40亿至47.5亿美元。 本文源自：金融界AI电报 ...

Core Insights - Deere reported a decline in first-quarter profit, primarily affected by tariffs and reduced demand for tractors [1] Company Performance - The company's profit for the first quarter was lower compared to previous periods, indicating challenges in maintaining profitability [1] - Tariffs imposed on imports have negatively impacted the company's financial performance [1] - There is a noticeable weakness in tractor demand, which has further contributed to the decline in profits [1]

Core Viewpoint - Deere & Company reported a net income of $656 million for the first quarter of fiscal 2026, a decrease from $869 million in the same quarter of the previous year, while increasing its net income guidance for the fiscal year to a range of $4.5 billion to $5.0 billion, indicating resilience and growth potential across diverse customer segments and geographies [1][2][3] Financial Performance - Net income for Q1 2026 was $656 million, or $2.42 per share, compared to $869 million, or $3.19 per share, in Q1 2025, reflecting a 25% decrease [1][2] - Worldwide net sales and revenues increased by 13% to $9,611 million in Q1 2026, up from $8,508 million in Q1 2025 [1][2] - Net sales for the quarter were $8,001 million, compared to $6,809 million in the same quarter of 2025, marking a 17.5% increase [1][2] Segment Performance - **Production & Precision Agriculture**: - Net sales increased by 3% to $3,163 million, but operating profit decreased by 59% to $139 million due to higher tariffs and unfavorable sales mix [1][2] - **Small Agriculture & Turf**: - Net sales rose by 24% to $2,168 million, with operating profit increasing by 58% to $196 million, driven by higher shipment volumes [1][2] - **Construction & Forestry**: - Net sales increased by 34% to $2,670 million, with operating profit rising by 111% to $137 million, attributed to higher shipment volumes and production efficiencies [1][2] Company Outlook - The company forecasts net income for fiscal 2026 to be in the range of $4.5 billion to $5.0 billion, indicating a positive outlook for growth as it transitions out of the current cycle [1][2] - Deere's sustained investment in research and development is expected to yield measurable results, enhancing its product portfolio across all business segments [1][2] Industry Outlook - **Agriculture & Turf**: - U.S. & Canada: Large Ag expected to decline by 15% to 20%, while Small Ag & Turf is flat to up 5% [1] - Europe: Flat to up 5% [1] - South America: Down approximately 5% [1] - Asia: Flat to down 5% [1] - **Construction & Forestry**: - U.S. & Canada: Construction Equipment up approximately 5% [1] - Global Forestry flat [1] - Global Roadbuilding up approximately 5% [1]

格隆汇2月19日｜美国机械制造商Deere：第一季度每股收益2.42美元，去年同期为3.19美元，市场预期 为2.05美元；净收入为6.56亿美元，同比下降25%，市场预期为5.54亿美元。预计全年净收入为45亿至 50亿美元，此前预计40亿至47.5亿美元。 ...

Financial Performance - Deere & Company reported a net income of $656 million for Q1 2026, down 25% from $869 million in Q1 2025, resulting in earnings per share of $2.42 compared to $3.19[1][25] - Total net sales and revenues increased by 13% to $9,611 million in Q1 2026, up from $8,508 million in Q1 2025, with net sales of $8,001 million compared to $6,809 million[2][24] - Net income for the three months ended February 1, 2026, was $655 million, down from $867 million for the same period in 2025, representing a decrease of about 24.4%[29] - Net income for the Equipment segment decreased to $411 million in Q1 2026 from $637 million in Q1 2025, a decline of 35.5%[40] Segment Performance - Production & Precision Agriculture segment net sales rose by 3% to $3,163 million, while operating profit decreased by 59% to $139 million due to higher tariffs and warranty expenses[4][6] - Small Agriculture & Turf segment net sales increased by 24% to $2,168 million, with operating profit up 58% to $196 million, driven by higher shipment volumes[5][10] - Construction & Forestry segment net sales surged by 34% to $2,670 million, with operating profit more than doubling to $137 million, attributed to production efficiencies and higher shipment volumes[6][13] Financial Outlook - The company forecasts net income for fiscal 2026 to be in the range of $4.5 billion to $5.0 billion, reflecting an increase in guidance[3][5] - The outlook for the agricultural business remains cautious, with potential impacts from global trade policies, commodity prices, and macroeconomic conditions[9][21] - Deere's diverse customer segments and geographies are expected to provide resilience and growth opportunities moving forward[10][5] Cash Flow and Investments - Cash flows from operating activities showed a net cash used of $890 million in Q1 2026, compared to $1,132 million in Q1 2025, indicating an improvement of about 21.4%[29] - Net cash provided by investing activities was $1,822 million in Q1 2026, up from $1,416 million in Q1 2025, reflecting increased cash inflows[40] - Financing activities resulted in a net cash outflow of $2,490 million in Q1 2026, compared to an outflow of $923 million in Q1 2025, indicating higher financing costs[40] Assets and Liabilities - Total assets decreased to $103,436 million as of February 1, 2026, from $105,996 million on November 2, 2025, reflecting a decline of approximately 1.5%[27] - Total liabilities decreased to $77,079 million as of February 1, 2026, from $79,989 million on November 2, 2025, a reduction of about 3.6%[27] - The company reported a decrease in financing receivables to $42,113 million as of February 1, 2026, from $44,575 million on November 2, 2025, a decline of approximately 5.5%[27] Equity and Cash Position - The company’s total stockholders' equity increased to $26,307 million as of February 1, 2026, from $25,956 million on November 2, 2025, reflecting a growth of about 1.4%[27] - Cash, cash equivalents, and restricted cash at the end of the period were $7,073 million, compared to $6,907 million at the end of the same period in 2025, an increase of approximately 2.4%[29] - Cash and cash equivalents decreased to $6,798 million from $8,276 million, reflecting a decline of approximately 18%[38] Research and Development - The company is investing in research and development to launch innovative products across all business segments, positioning itself for growth as it transitions out of the current cycle[8][4] - Research and development expenses were $554 million in Q1 2026, up from $526 million in Q1 2025, reflecting an increase of approximately 5.3%[35]