Deere Q1 Earnings Rise, Beating View; Forecast Boosted (DE)

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Farming and construction equipment maker Deere & Company ( DE ) on Wednesday posted better-than-expected fiscal first quarter earnings and raised its full-year outlook.

The Moline, IL-based company reported first quarter net income of $532.9 million, or $1.30 per share, compared with $513.7 million, or $1.20 per share, in the year-ago period.

Revenue rose 11% from last year to $6.77 billion.

On average, Wall Street analysts expected a smaller profit of $1.24 per share on lower revenue of $6.50 billion.

Looking ahead, DE said it now expects full-year net income of $3.275 billion in 2012, compared with a prior outlook of $3.2 billion.

Deere shares fell 55 cents, or -0.6%, in premarket trading Wednesday.

The Bottom Line
Shares of Deere & Co. ( DE ) have a 1.84% dividend yield, based on last night's closing stock price of $89.05. The stock has technical support in the $80 price area. If the shares can firm up, we see overhead resistance around the $95 price level.

Deere & Company ( DE ) is not recommended at this time, holding a 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 Nasdaq, Inc.

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