Deere & Company (NYSE:DE) delivered fourth-quarter earnings that surpassed analyst expectations, even as the company grappled with substantial market headwinds. The agricultural and construction equipment manufacturer saw its stock climb more than 8% yesterday.
For the quarter, Deere reported net income of $1.245 billion, or $4.55 per share, exceeding the $3.89 per share expected by analysts. Revenue totaled $11.14 billion, well above the Street consensus estimate of $9.23 billion. However, these results marked significant year-over-year declines, with net income dropping 47% and overall revenue falling 28%.
The company’s Production & Precision Agriculture segment experienced the largest decline, with net sales plummeting 38% year-over-year to $4.305 billion. The Small Agriculture & Turf and Construction & Forestry segments also saw declines of 25% and 29%, respectively, reflecting broad challenges across its business lines.
Deere outlined a cautious fiscal 2025 outlook, forecasting net income of $5.0 billion to $5.5 billion. The guidance reflects continued pressures across its key markets, including an anticipated 30% drop in U.S. and Canada large agriculture equipment sales and a 10% decline in small agriculture, turf, and construction equipment sales in the region.
Deere Exceeds Q4 Expectations Despite Market Challenges, Shares Rise 8 percent
Elastic Stock Jumps 28 percent Following Strong Q2 Beat
Elastic NV (NYSE:ESTC) saw its shares soar over 28% in pre-market trading Friday after delivering fiscal second-quarter results that exceeded expectations and raising its full-year guidance. For the quarter, Elastic reported adjusted earnings of $0.59 per share, significantly surpassing the Street consensus estimate of $0.38. Revenue increased 18% year-over-year to $365 million, topping analyst projections of $354.3 million.
Elastic also provided an encouraging outlook for the third quarter, forecasting adjusted earnings per share of $0.46 to $0.48 on revenue of $367 to $369 million, both above Wall Street expectations of $0.41 EPS and $366.7 million in revenue.
For fiscal year 2025, the company raised its guidance, projecting adjusted earnings of $1.68 to $1.72 per share on revenue of $1.451 to $1.457 billion. These revised figures are higher than analysts’ expectations of $1.53 EPS and $1.442 billion in revenue.
NetApp Shares Surge 5 percent on Strong Q2 Earnings and Upgraded Guidance
NetApp (NASDAQ:NTAP) shares climbed around 5% pre-market today following the release of fiscal second-quarter results that exceeded Wall Street expectations and included an optimistic outlook.
The company reported adjusted earnings of $1.87 per share for the quarter, surpassing the analyst consensus of $1.78. Revenue increased by 6% year-over-year to $1.66 billion, slightly ahead of the $1.64 billion forecast.
NetApp’s strong performance was fueled by robust demand for its all-flash array storage systems, which achieved a 19% year-over-year increase in annualized net revenue run rate, reaching a record $3.8 billion. Additionally, its first-party and marketplace cloud storage services delivered impressive 43% growth over the prior year.
For the current quarter, NetApp projected adjusted earnings of $1.85 to $1.95 per share on revenue ranging from $1.61 billion to $1.76 billion. The midpoint of the EPS forecast exceeded the Street consensus estimate of $1.85.
The company also raised its full-year fiscal 2025 outlook, now expecting adjusted earnings between $7.20 and $7.40 per share on revenue of $6.54 billion to $6.74 billion.
Ross Stores Shares Jump 7 percent on Q3 Earnings Beat Despite Missed Sales Results
Ross Stores (NASDAQ:ROST) saw its stock climb over 7% in pre-market today after reporting third-quarter earnings that exceeded analyst expectations, even as sales fell short.
For the quarter, the off-price retailer delivered earnings per share of $1.48, surpassing the Street consensus estimate of $1.40. Revenue, however, came in at $5.07 billion, below the anticipated $5.16 billion. Comparable store sales increased 1% year-over-year, reflecting slower growth compared to the first half of the year.
Despite the sales shortfall, Ross Stores demonstrated strong profitability. Gross margin expanded to 28.3%, a 71-basis-point increase year-over-year and above the consensus estimate of 27.5%. Operating margin also improved to 11.9%, up from 11.2%, and exceeded the projected 11.1%, as lower operating costs helped offset planned reductions in merchandise margins.
Looking ahead, Ross Stores provided cautious fourth-quarter guidance. The company expects comparable store sales to grow by 2% to 3% and forecasts EPS between $1.57 and $1.64, below the consensus estimate of $1.67. Full-year EPS guidance of $6.10 to $6.17 aligned closely with analyst expectations of $6.13.
OTHER News: Faker, T1 honored at The Esports Awards
Longtime League of Legends midlaner Sang-hyeok “Faker” Lee was named the Esports PC Player of the Year at The Esports Awards on Thursday in Los Angeles.
Faker was named as the inaugural inductee into the Hall of Legends by LoL Esports in May. He officially was inducted the following month at The Shilla Seoul in South Korea.
A member of the T1 organization since 2013, the 28-year-old South Korean has earned 10 LCK titles, two Mid-Season Invitational titles (2016, 2017) and five world championships with his team (2013, 2015, 2016, 2023, 2024).
Thanks in part to Faker’s contributions, T1’s League of Legends roster was named as the Esports Team of the Year.
“The Esports Awards continues to grow and evolve, and this ceremony was a testament to the incredible talent and innovation within the industry,” said Michael Ashford, CEO of the Esports Awards.
“It’s an honor to bring together the community to celebrate the individuals and organizations shaping the future of esports. Congratulations to all of this year’s winners and thank you to everyone who makes this event possible.”
The following is a complete list of the award winners:
Esports PC Player of the Year — Sang-hyeok “Faker” Lee
Esports Controller Player of the Year — Anthony “Shotzzy” Cuevas-Castro
Sim Racer of the Year — Sebastian Job
Esports Coach of the Year — Jeong-soo “KIM” Kim
Esports Team of the Year — T1’s League of Legends roster
Esports Organization of the Year — Team Falcons
Esports Play of the Year — Alexander “jawgemo” Mor
Esports Color Caster of the Year — Chad “SPUNJ” Burchill
Esports Play by Play Caster of the Year — Brandon Smith
Esports Host of the Year — Chris “Puckett” Puckett
Esports Content Creator of the Year – Naman ‘MOrtal’ Mathur
Esports Creative of the Year — Liquid Liquid
Esports Broadcast/Production Team of the Year — ESL FACEIT GROUP
Esports Live Event of the Year — League of Legends World Championship 2023
Esports Supporting Service of the Year — Blitz.GG
Panel’s Choice Award — Corey Dunn
–Field Level Media
Warner Music Shares Drop 7 percent on Q4 Earnings Miss Despite Revenue Growth
Warner Music Group (NASDAQ:WMG) saw its shares fall more than 7% yesterday after fourth-quarter earnings that missed analyst expectations, despite slight revenue growth.
The company posted adjusted earnings per share of $0.08, significantly below the Street consensus estimate of $0.28. However, revenue for the quarter reached $1.63 billion, exceeding analyst projections of $1.59 billion.
Total revenue increased 2.8% year-over-year, or 2.9% in constant currency. Recorded Music revenue rose 3.6% to $1.34 billion, driven by modest growth in streaming revenue, which edged up 1%. Music Publishing revenue, however, declined by 1% to $295 million. Digital revenue remained largely unchanged compared to the prior-year quarter. Excluding certain one-time items, total revenue would have grown 5.8%.
Despite the earnings miss, Warner Music emphasized its ability to navigate a rapidly evolving market, highlighting its adaptability and resilience.
Washington seeks better offensive balance vs. Alcorn State
Great Osobor is off to a fast start.
The preseason all-Big Ten Conference selection leads Washington in scoring (14.8 points per game), rebounding (13 boards per game) and steals (four per game) heading into the Huskies’ game against Alcorn State on Friday in Seattle.
The rest of the Huskies?
Not so much.
Washington (3-1) ranks last in the conference in field-goal percentage (.402), free-throw percentage (.578) and assists per game (11.3). The Huskies are 17th — in an 18-team conference — in scoring (70.8 ppg).
First-year Washington coach Danny Sprinkle vowed to shake things up.
“Our starting lineup is going to change and it might change from half to half,” Sprinkle said. “It might change every game depending on who is playing with energy and giving the team something. But you have to produce if you’re going to be in the game.”
The Huskies outlasted UMass Lowell 74-69 on Sunday as Osobor scored 23 points and grabbed a career-high 18 rebounds. Tyree Ihenacho, Tyler Harris and Zoom Diallo each scored 12 for the Huskies, and Luis Kortright added 10. Harris, Diallo and Kortright all came off the bench.
“Minutes are going to start being distributed by production,” Sprinkle said. “That’s the only way to separate. … Offensively, you better be making the right basketball play. When it’s your turn to knock down a shot, you better knock down a shot. When it’s your turn to make a layup, you better make a layup. And that’s the best way to stay on the court.
“If you’re not doing those things, I got to keep that revolving door until I find some continuity to where somebody who is playing hard takes hold of that spot.”
Washington has been an offensive powerhouse compared with the Braves, who have been outscored by an average of 31.6 points in their five games.
Alcorn State (0-5) is shooting 32.9 percent from the field, which ranks 354th out of 355 teams in Division I — and the Braves commit 16.4 turnovers per game.
The Braves are coming off a 71-48 loss to TCU on Tuesday, when Keionte Cornelius scored a team-high 13 points.
Cornelius and Daniel Braster share the team lead by averaging 7.8 points per game. Jalyke Gaines-Wyatt added 7.4 points per contest and Omari Hamilton contributed 7.0 points per game.
–Field Level Media
Sebastian Mack, UCLA ready to run against Cal State Fullerton
UCLA will look to stay perfect on its six-game homestand when it welcomes Cal State Fullerton to Los Angeles on Friday.
The Bruins (4-1) moved to 4-0 at home and 3-0 in their homestand on Wednesday with an 84-70 win over Idaho State. UCLA jumped ahead of the Bengals early, leading by 17 points in the first half before settling for a 14-point edge at the break.
The margin topped out at 28 points.
Sebastian Mack continued a run of strong performances coming off the UCLA bench, scoring a season-high 21 points to complement Tyler Bilodeau’s 20 points.
“He’s really improving in his pace and his decision-making,” UCLA coach Mick Cronin said of Mack.
Cronin pointed to Mack’s rise since the Bruins’ loss to New Mexico on Nov. 8 when the sophomore guard scored just two points and committed three turnovers in nine minutes.
Mack has scored in double digits in all three games since and has given the ball away a total of just three times.
“I’ve always loved his toughness,” Cronin added of Mack. “He’s a bright spot for us.”
Another Bruins guard, Dylan Andrews, returned to the lineup on Wednesday after a groin injury kept him out of blowout victories against Boston University and Lehigh. Andrews had three points and four assists in 12 minutes off the bench against Idaho State.
Cal State Fullerton (1-4) makes the short trip north from Orange County, continuing an early-season nonconference gauntlet. The Titans already lost to three of UCLA’s former Pac-12 Conference counterparts, Stanford, Colorado and Oregon State, as well as 2024 NCAA Tournament second-round qualifier Grand Canyon.
The Titans picked up their first win on Monday, beating Idaho State 62-61. In the process, Dedrique Taylor became the winningest coach in Cal State Fullerton history with his 156th victory, topping Bob Burton.
“It means a lot in terms of just who our program is and what we’ve been doing the past 11 years,” Taylor said, per the Cal State Fullerton athletic website. “It’s a hell of a feat to be able to accomplish what we’ve accomplished here.”
Taylor, the Titans coach since 2013, guided the program to NCAA Tournament appearances in 2018 and 2022.
Guard Donovan Oday leads the Titans, putting up 11.2 points and five rebounds per game. He finished with 16 points and seven boards vs. Idaho State, while John Mikey Square logged a team-best 17 points.
–Field Level Media
Hoping to bond at Paradise Jam, K-State faces George Washington
Kansas State coach Jerome Tang believes there are plenty of reasons to play in an in-season tournament such as the Paradise Jam.
The Wildcats open play in St. Thomas, U.S. Virgin Islands, on Friday night against George Washington.
“We get to be together,” Tang said Monday when asked about the benefits of the trip. “The weather is going to be nice. There are not a lot of distractions and we get to do some team-building things while we’re there. Growing up in the Virgin Islands, I’ll have family there, so it will be really cool.
“But it’s business, (especially) for the staff. We get to let the guys experience playing in that environment.”
The winner will play Sunday against the winner of the first-round game between Liberty (4-1) and Louisiana (1-3), while the losers will play on Saturday.
Kansas State (3-1) is coming off a 74-56 victory over Mississippi Valley State on Tuesday. The Wildcats were cold from 3-point range, hitting just 3 of 23 (13 percent) from beyond the arc.
They made up for it by shooting 25-for-27 (92.6 percent) from the free-throw line. That was the second-highest percentage in program history in a game with at least 20 attempts.
The Wildcats won an in-season tournament in the Caribbean (the Cayman Islands Classic) two seasons ago, with a semifinal overtime victory over Nevada and a 61-59 victory over LSU in the championship game. Tang has credited that tournament with building a bond that resulted in a run to the Elite Eight that season.
The Revolutionaries (4-0) have gotten off to a good start thanks to their defense, which has recorded at least nine steals in each of their games. They are second in the Atlantic 10 with an average of 10 steals per game.
George Washington is led by Darren Buchanan Jr., who is scoring 17.3 points and nine rebounds per game, but they have five other players averaging between 13.5 and 9.3 points per game. Buchanan led the Revolutionaries with 20 points in their 84-64 victory over NJIT on Monday.
–Field Level Media
SMU seeks ‘statement game’ vs. Mississippi State
SMU hopes to send an early-season message when it hosts Mississippi State on Friday in Dallas.
“We want to make sure that Friday’s game is going to be a statement game for us,” senior forward Keon Ambrose-Hylton said. “Showing not just for our fans but showing the country that we are here to play. We are here to get to the tournament.”
Mississippi State is a good measuring stick for that as it has made the past two NCAA Tournaments under Chris Jans. The Bulldogs (4-0) are coming off a 78-73 victory over Utah on Sunday.
As far as facing SMU (4-1), Jans mentioned this is the first time his team will see “big-time size.”
“Not just who they start, but who they come off the bench with. They’ve got quality size up and down their roster,” Jans said. “We haven’t faced that all year long. We don’t have that in our practice, so it’ll be different.”
The Bulldogs are led by Josh Hubbard, the standout sophomore who had 23 points, hitting five 3-pointers, in the victory over the Utes. KeShawn Murphy shined in the game, too, with 18 points and 14 rebounds.
The Mustangs, meanwhile, are 4-0 at home, with their only setback an 81-70 loss at Butler on Nov. 15. They bounced back with a 110-69 victory over Prairie View A&M on Monday.
SMU had just a five-point lead at halftime before outscoring Prairie View A&M 59-23 in the second half. Matt Cross finished 17 points and 12 rebounds for the Mustangs. Chuck Harris also scored 17 points, while Ambrose-Hylton added 14.
Coach Andy Enfield talked about Cross’ performance after the game, saying: “His plus-minus was plus-44, which is probably the highest I’ve ever seen. So, he just did it all tonight.”
This will be the first meeting between SMU and Mississippi State on the hardwood. The Mustangs will pay a return visit to Starkville, Miss., in the 2025-26 season.
–Field Level Media