Deere Beats Q2 EPS, Revenue Estimates; Construction Sales Up 29%
DE sits 30% above its 52-week low of $433.
Summary
Deere reported stronger-than-expected fiscal second-quarter results, with EPS of $6.55 beating analyst estimates of $5.70 and revenue of $13.37 billion surpassing expectations of $12.73 billion. Overall sales rose 5%, driven by a significant 29% increase in construction and forestry sales, which helped offset a 14% decline in the large agriculture segment. The company reiterated its full-year net income guidance but raised its outlook for construction and forestry net sales to be up 20% for the fiscal year. This performance demonstrates the company's ability to diversify revenue streams and manage challenges in its core agricultural markets.
At the time of this announcement, DE was trading at $562.00 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $151.4B. The 52-week trading range was $433.00 to $674.19. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.