Deere: oh dear, Q3 earnings short of estimates, guidance cut

(CercleFinance.com) - On Friday Deere reported a smaller-than-expected increase in Q3 earnings and reduced its full-year earnings estimates, both of which sent the farm machinery maker's stock lower in pre-market trading.


The company's net income was actually up at 1.88 billion dollars, or 6.16 dollars per share, in the group's Q3, which ended July (vs. 1.67 billion dollars, or $5.32 per share, a year ago).

In comparison, the consensus was expecting much higher EPS of around 6.69 dollars.

However, Deere's revenue rose 22% to 14.1 billion dollars, this time above the consensus of 12.8 billion dollars.

Deere trimmed down its FY earnings estimate to between 7 and 7.2 billion dollars, from 7 to 7.4 billion dollars previously.

The share price was down over 7% in pre-opening trading on the New York Stock Exchange.



Copyright (c) 2022 CercleFinance.com. All rights reserved.