Deere Q3 Profit Down, Yet Beats View; Backs Outlook; Stock Up In Pre-market

(RTTNews) - Shares of Deere & Co. (DE) were gaining more than 5 percent in the pre-market activity on the NYSE after the manufacturer of farm machinery and industrial equipment reported Thursday third-quarter profit above market estimates, and maintained fiscal 2024 profit view. The third-quarter earnings, meanwhile, was lower than last year with weak sales.

For fiscal 2024, the company continues to expect net income attributable to be approximately $7.0 billion.

In its third quarter, Deere's net income attributable to the company fell 42 percent to $1.734 billion or $6.29 per share from last year's $2.98 billion or $10.20 per share.

Analysts on average expected the company to report earnings of $5.63 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Worldwide net sales and revenues decreased 17 percent to $13.152 billion from prior year's $15.80 billion.

Net sales were $11.387 billion for the quarter, compared with $14.284 billion last year. The Street was looking for sales of $10.84 billion for the quarter.

In pre-market activity on the NYSE, Deere's shares were gaining around 5.3 percent to trade at $370.

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