Deere Trades Lower Despite Q4 Sales Beat, Forecasts Drop In Agriculture Sales

Deere & Company (NYSE: DE) shares are trading lower on Wednesday after the company forecasted a decline in agricultural and construction sales for fiscal year 2020.

The company reported adjusted third-quarter earnings of $2.14 per share, which met the analyst consensus estimate. This is a 6.96% decrease over earnings of $2.30 per share from the same period last year.

The company reported quarterly sales of $8.703 billion, which beat the analyst consensus estimate of $8.44 billion by 3.12%. This is a 4.31% increase over sales of $8.343 billion the same period last year.

Deere's worldwide sales of agriculture and turf equipment are forecast to decline 5-10% for 2020, including a negative currency-translation effect of 1%.

Deere shares were trading down 3.9% at $169.70 in Wednesdays pre-market session. The stock has a 52-week high of $171.22 and a 52-week low of $128.32.