UPDATE: Deere Tops Q1 Expectations

By MidnightTrader.com Staff,

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Deere & Co. ( DE ), the largest maker of agricultural equipment, fell the most in three months after lowering its forecast for U.S. farmer revenue, an indicator of demand for its signature green and yellow machines, Bloomberg reported. It is down more than 3% at around $86.20, but above a day low of $85.65.

Total U.S. farm receipts will be $371.9 billion in 2012, down from a November forecast for $374.2 billion, as corn, wheat and soybean prices decline, the Moline, Illinois-based company said today in a presentation accompanying its fiscal-first quarter results.

It reported Q1 earnings of $1.30 per share, ahead of the analyst consensus of $1.24 per share on Thomson Reuters. Revenue was $6.76 bln, better than the Street view of $6.49 bln.

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 Commodities
Referenced Stocks: DE

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