Deere & Co.’s Q4 Profit Surges 46%, Beating View; Shares Rise (DE)

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Farming and construction equipment maker Deere & Company ( DE ) on Wednesday posted much better-than-expected fiscal fourth quarter earnings results, sending its shares soaring in premarket trading Wednesday.

The Moline, IL-based company reported fiscal fourth quarter net income of $670 million, or $1.62 per share, compared with $457 million, or $1.07 per share, in the year-ago period.

Revenue rose 20% from last year to $8.6 billion.

On average, Wall Street analysts expected a smaller profit of $1.43 per share on lower revenue of $7.91 billion.

Looking ahead, the company forecast a 15% jump in 2012 equipment sales, with full-year earnings rising to $3.2 billion from $2.8 billion in 2011.

Deere shares rose $4.28, or +6%, in premarket trading Wednesday.

The Bottom Line
Shares of Deere & Co. ( DE ) have a 2.28% dividend yield, based on last night's closing stock price of $71.92. The stock has technical support in the $65-$66 price area. If the shares can firm up, we see overhead resistance around the $78-$81 price levels.

Deere & Company ( DE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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