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Deere Reports Q3 Earnings Miss, Cuts Guidance

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Deere Reports Q3 Earnings Miss, Cuts Guidance

Deere (NYSE: DE) reported third-quarter earnings of $2.71 per share, which missed the analyst consensus estimate of $2.85. This is a 4.63% increase over earnings of $2.59 per share from the same period last year.

The company reported quarterly sales of $8.97 billion, which missed the analyst consensus estimate of $9.39 billion. This is a 3.40% decrease over sales of $9.286 billion the same period last year.

Deere has cut its fiscal year 2019 net income from ~$3.3 billion to ~$3.2 billion and sale growth from 5% down to 4%.

"John Deere's third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector," said CEO Samuel Allen. "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."

Deere shares were trading down 1.8% at $141 in Friday’s pre-market session. The stock has a 52-week high of $171.22 and a 52-week low of $128.32.

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