Stock Alert: Deere & Co. (DE) Shares Hit New 52-Week High

(RTTNews) - Shares of Deere & Co. (DE) reached a new 52-week high of $181.55 today, after the machinery giant reported better-than-expected Q1 results. The stock has been trading between $132.68 and $181.55 in the past one year.

The company reported Q1 net income of $517 million or $1.63 per share, well above the Wall Street analysts' estimate of $1.26 per share. Meanwhile, Deere's Q1 worldwide net sales and revenues decreased 4% to $7.631 billion, but surpassed analysts' estimate of $6.42 billion.

"John Deere's first-quarter performance reflected early signs of stabilization in the U.S. farm sector," said John May, chief executive officer of Deere.

For fiscal 2020, the company expects net income to be in the range of $2.7 billion - $3.1 billion.

"Looking ahead, we are particularly encouraged by the broad use of precision technologies and believe the company is well-positioned to strengthen its leadership in this vital area," May added.