Shares of Deere & Company (NYSE: DE) are set to open on a new 52-week high following better-than-expected fourth quarter results as the equipment maker's cost controls and broad product portfolio helped the company sail through difficult market conditions.
- Deere Q4 EPS $0.90 vs $0.40 Est, Revenue $5.65B vs $5.38B Est
- Deere Equipment Sales Projected To Decrease ~1% For FY17, Down 4% For Q1 YoY
- Fiscal 2017 forecast calls for earnings of $1.4B on slightly lower sales volumes.
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“The company in 2016 had one of its ten-best years in both sales and earnings, a noteworthy achievement in light of the difficult business climate. Deere's performance benefited from the adept execution of its operating plans and disciplined cost management as well as the impact of a broad product portfolio,” Samuel Allen, chairman and chief executive officer, said in a press release.
Investors cheered the upbeat results, which came amid global farm recession and weak construction-equipment markets.
Shares of Deere closed Tuesday at $92.01. In the pre-market hours, shares rose 10.31 percent to $101.50.
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