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Deere’s Q2 Profit & Revenue Beat the Street; Forecast Raised (DE)

By Dividend.com,  May 16, 2012, 08:55:37 AM EDT

Farming and construction equipment maker Deere & Company ( DE ) on Wednesday posted an uptick in fiscal second quarter earnings and lifted its full-year outlook.

The Moline, IL-based company reported fiscal second quarter net income of $1.06 billion, or $2.61 per share, compared with $904 million, or $2.12 per share, in the year-ago period.

Revenue rose 12% from last year to $10 billion.

On average, Wall Street analysts expected a smaller profit of $2.53 per share, on lower revenue of $9.70 billion.

Looking ahead, DE said it now expects full-year 2012 profits of $3.35 billion, up from a prior outlook of $3.28 billion.

Deere shares rose $1.08, or +1.4%, in premarket trading Wednesday.

The Bottom Line
Shares of Deere & Company ( DE ) have a 2.40% dividend yield, based on last night's closing stock price of $76.62. The stock has technical support in the $70-$72 price area. If the shares can firm up, we see overhead resistance around the $80-$83 price levels.

Deere & Company ( DE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 0.0 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.


This article appears in: Investing, Stocks

Referenced Stocks: DE



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