Deere & Co Q3 Profit Misses Estimates; Cuts 2019 Profit View - Quick Facts

(RTTNews) - Deere & Co. (DE) reported that its net income for the third quarter ended July 28, 2019 declined to $899 million or $2.81 per share, from $910 million or $2.78 per share last year.

Adjusted net income was $2.71 per share compared to $2.59 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.85 per share for the quarter. Analysts' estimates typically exclude special items.

In Friday pre-market trade, DE is trading at $139.00, down $4.71 or 3.28 percent.

Worldwide net sales and revenues for the quarter decreased 3 percent to $10.04 billion from the previous year. Analysts expected revenues of $9.39 billion.

The company now expects net income attributable to the company for fiscal year 2019 to be about $3.2 billion, compared to the prior outlook of $3.3 billion.

The company still expects net sales and revenues to increase about 5 percent for fiscal 2019.