Deere & Co. Earnings Cheat Sheet: Double-Digit Revenue Growth Continues

S&P 500 (NYSE:SPY) component Deere & Company (NYSE:DE) reported higher profit for the third quarter as revenue showed growth. Deere & Company provides products and services for agriculture, forestry, construction, landscaping and irrigation.

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Deere & Company Earnings Cheat Sheet for the Third Quarter

Results: Net income for the farm and construction machinery company rose to $712.3 million ($1.69 per share) vs. $617 million ($1.44 per share) in the same quarter a year earlier. This marks a rise of 15.4% from the year earlier quarter.

Revenue: Rose 24.1% to $7.72 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: DE was about in line with expectations as the mean analyst estimate of $1.68 per share. It beat the average revenue estimate of $7.5 billion.

Quoting Management: “Bolstered by yet another quarter of record results, John Deere remains on track for a year of exceptional achievement,” said Samuel R. Allen, chairman and chief executive officer. “Our success reflects strong demand for the company’s advanced equipment and the skillful execution of our ambitious business plans. These are aimed at expanding our global competitive position and introducing the John Deere brand to a wider group of customers.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 27.2%, with the biggest boost coming in the fourth quarter of the last fiscal year when revenue rose 38.9% from the year earlier quarter.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the second quarter, by 20 cents in the first quarter, and by 12 cents in the fourth quarter of the last fiscal year.

Competitors to Watch: AGCO Corporation (NYSE:AGCO), Caterpillar Inc. (NYSE:CAT), Arts-Way Manufacturing Co. Inc. (NASDAQ:ARTW), The Toro Company (NYSE:TTC), Lindsay Corporation (NYSE:LNN), Kubota Corporation (NYSE:KUB), CNH Global N.V. (NYSE:CNH), Alamo Group, Inc. (NYSE:ALG), Manitowoc Company, Inc. (NYSE:MTW).

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(Source: Xignite Financials)