Deere’s Q1 Earnings, 2011 Forecast Beat View; Shares Rise (DE)

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Farm and construction equipment maker Deere & Company ( DE ) on Wednesday said its first quarter profit more than doubled from last year, beating analyst estimates and sending it shares surging in premarket trading.

The Moline, IL-based company reported fiscal first quarter net income of $513.7 million, or $1.20 pe share, compared with $243.2 million, or 57 cents per share, in the year-ago period.

Net sales jumped 27% from last year to $6.12 billion.

On average, Wall Street analysts expected a much smaller profit of 97 cents per share, on lower revenue of $5.59 billion.

Looking ahead, the company forecast second quarter revenues to rise 25% from the same period last year. For the full year 2011, it predicted net income of $2.5 billion, which would beat analyst estimates for $2.37 billion.

Deere shares rose $3.81, or +4.1%, in premarket trading Wednesday.

The Bottom Line
We have been recommending shares of Deere ( DE ) since Dec.7, 2010, when the stock was trading at $79.04. The company has a 1.50% dividend yield, based on last night's closing stock price of $93.62.

Deere & Company ( DE ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 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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