Deere & Co. (DE) Misses Q3 EPS by 14c; Lowers Outlook

Deere & Co. (NYSE: DE) reported Q3 EPS of $2.71, $0.14 worse than the analyst estimate of $2.85. Revenue for the quarter came in at $8.97 billion versus the consensus estimate of $9.39 billion.

Lowers outlook. Sees FY net income of $3.2 billion versus prior of $3.3 billion. Sees approximately 4% sales gain.

“John Deere’s third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector,” said Samuel R. Allen, chairman and chief executive officer. “Concerns about export-market access, near-term demand for commodities such as soybeans, and overall crop conditions, have caused many farmers to postpone major equipment purchases. At the same time, general economic conditions remain positive and are contributing to strong results for Deere’s construction and forestry business.”

For earnings history and earnings-related data on Deere & Co. (DE) click here.

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