Deere Trading Down More Than 2% After Q2 Earnings

Deere & Co.

, one of the world's leading agricultural equipment makers, released its fiscal second-quarter earnings results prior to the opening bell on Wednesday. Despite beating Wall Street earnings and revenue projections, and lifting its full-year view, the stock has fallen more than 2% during Wednesday's trading session. At last check, DE shares were down 2.66% to $74.59. The Moline, Illinois-based company reported that its second-quarter net income attributable to the company grew to $1.06 billion, or $2.61 per share, versus $904.3 million, or $2.12 per share, in the year ago period. This compared to Wall Street consensus EPS estimates of $2.53. Total revenues in the quarter were $10.01 billion compared to $8.33 billion last year. This also came in ahead of Wall Street consensus revenue expectations of $9.70 billion. Looking ahead, the company anticipates full-year net income attributable to the company of $3.350 billion. For the third-quarter, equipment sales are projected to increase by about 25 percent. For the full-year, equipment sales are estimated to be up nearly 15 percent.