Infrastructure, Forestry Drive Deere (DE) to Q2 Beat; Outlook Raised
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Price: $698.37 --0%
Revenue Growth %: -15.4%
Financial Fact:
Other operating expenses: 276.6M
Today's EPS Names:
VIVO, PMCB, PLCE, More
Revenue Growth %: -15.4%
Financial Fact:
Other operating expenses: 276.6M
Today's EPS Names:
VIVO, PMCB, PLCE, More
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Deere (NYSE: DE) must be making the competition green with envy Wednesday following the company's astounding second-quarter 2012 numbers and outlook.
According to a release from the company, total revenue rose 12.3 percent from $8.910 billion in the same period last year to $10.009 billion. The Street was looking for revs of $9.7 billion.
Deere's net income ripped 16.8 percent higher to $1.056 billion, or $2.61 per share, easily topping expectations calling for EPS of $2.53.
Operating margin moved 90 basis points higher to 17.0 percent.
Construction and Forestry sales popped 26 percent in the quarter while Agriculture and Turf sales rose 11 percent. Deere's financial services division saw a 1 percent consolidation in top-line growth.
The company said it sees equipment sales improving 25 percent for the next quarter and 15 percent for fiscal 2012. Deere raised its fiscal 2012 net income expectations to $3.35 billion.
Deere shares are indicated about 2 percent higher Wednesday morning.
According to a release from the company, total revenue rose 12.3 percent from $8.910 billion in the same period last year to $10.009 billion. The Street was looking for revs of $9.7 billion.
Deere's net income ripped 16.8 percent higher to $1.056 billion, or $2.61 per share, easily topping expectations calling for EPS of $2.53.
Operating margin moved 90 basis points higher to 17.0 percent.
Construction and Forestry sales popped 26 percent in the quarter while Agriculture and Turf sales rose 11 percent. Deere's financial services division saw a 1 percent consolidation in top-line growth.
The company said it sees equipment sales improving 25 percent for the next quarter and 15 percent for fiscal 2012. Deere raised its fiscal 2012 net income expectations to $3.35 billion.
Deere shares are indicated about 2 percent higher Wednesday morning.
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