Deere Q3 Earnings Beat View; Forecast Boosted (DE)

By Staff,

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

The Moline, IL-based company reported fiscal third quarter net income of $712.3 million, or $1.69 per share, compared with $617 million, or $1.44 per share, in the year-ago period.

Revenue rose 22% from last year to $8.37 billion.

On average, Wall Street analysts expected a smaller profit of $1.67 per share on lower revenue of $7.50 billion.

Looking ahead, the company raised its full-year profit forecast to $2.7 billion, up from $2.65 billion, but still below analyst estimates for $2.72 billion.

Deere shares fell 61 cents, or -0.8%, in premarket trading Wednesday.

The Bottom Line
Shares of Deere ( DE ) have a 2.18% dividend yield, based on last night's closing stock price of $75.16. The stock has technical support in the $67-$70 price area. If the shares can firm up, we see overhead resistance around the $78-$80 price levels.

Deere & Company ( DE ) is not recommended at this time, holding a DARS™ Rating of 3.3 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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This article appears in: Investing Stocks
Referenced Stocks: DE

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