Deere’s Q3 Profit Grows 11%, but Still Badly Misses View; Shares Fall (DE)

By Staff,

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Farming and construction equipment maker Deere & Company ( DE ) on Wednesday posted disappointing fiscal third quarter earnings, sending its shares lower in premarket trading.

The Moline, IL-based company reported fiscal third quarter net income of $788 million, or $1.98 per share, compared with $712.3 million, or $1.69 per share, in the year-ago-period.

Revenue jumped 15% from last year to $9.59 billion.

On average, Wall Street analysts expected a much higher profit of $2.31 per share, on larger revenue of $9.614 billion.

Deere shares fell $4.10, or -5.1%, in premarket trading Wednesday.

The Bottom Line
Shares of Deere & Company ( DE ) have a 2.30% dividend yield, based on last night's closing stock price of $80.13. The stock has technical support in the $73-$74 price area. If the shares can firm up, we see overhead resistance around the $83-$84 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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