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Deere fiscal Q3 earnings, revenue beat expectations

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Investing.com -

Investing.com - Agricultural machinery giant Deere & Company (NYSE:DE) reported better-than-expected fiscal third quarter earnings on the back of strong revenue figures, it announced early Wednesday.

Deere said earnings per share came in at $2.33 in the fiscal third quarter ended July 31, surpassing expectations for earnings of $2.20 per share.

The firm's third quarter revenue totaled $9.5 billion, above expectations for revenue of $8.75 billion.

Net sales of the equipment operations were $8.723 billion for the quarter and $24.918 billion for nine months, compared with $9.316 billion and $26.373 billion for the same periods last year.

"Deere's third-quarter performance reflected moderating conditions in the global farm sector, which have negatively affected demand for farm machinery and contributed to lower sales and profits for our agricultural-equipment business," said Samuel R. Allen, chairman and chief executive officer.

The company cut its full-year earnings outlook, saying it expected annual net income to come in at $3.1 billion, down from a previous estimate of $3.3 billion.

Company equipment sales are projected to decrease about 6% for fiscal 2014 and to be down about 8% for the fourth quarter compared with the year-ago periods.

Following the release of the report, DE shares rose 0.6% in pre-market trade.

Meanwhile, the outlook for U.S. equity markets was higher. The Dow pointed to a gain of 0.4% at the open, the S&P 500 indicated an increase of 0.5%, while the Nasdaq 100 signaled a gain of 0.5%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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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