Deere & Company Earnings: Revenue Strengthens Again by Double Digits
S&P 500 (NYSE:SPY) component Deere & Company (NYSE:DE) reported its results for the second quarter. Deere & Company provides products and services for agriculture, forestry, construction, landscaping, and irrigation.
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Deere & Company Earnings Cheat Sheet for the Second Quarter
Results: Net income for the machinery-farming rose to $1.06 billion ($2.61 per share) vs. $904.3 million ($2.12 per share) in the same quarter a year earlier. This marks a rise of 16.8% from the year-earlier quarter.
Revenue: Rose 12.3% to $10.01 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Deere & Company beat the mean analyst estimate of $2.54 per share. It beat the average revenue estimate of $9.7 billion.
Quoting Management: “John Deere is well on its way to a year of outstanding performance after reporting an eighth consecutive quarter of record earnings,” said Samuel R. Allen, chairman and chief executive officer. “Our results are a reflection of positive conditions in the global farm economy, which is continuing to show impressive strength and endurance. Deere is gaining new customers throughout the world, who are responding with great enthusiasm to our innovative lines of equipment.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 3.7% and in the fourth quarter of the last fiscal year, the figure rose 46.4%.
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 6 cents in the first quarter, by 18 cents in the fourth quarter of the last fiscal year, and by one cent in the third quarter of the last fiscal year.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the third quarter is $2.13 per share, up from $2.03 ninety days ago. For the fiscal year, the average estimate has moved up from $7.78 a share to $8 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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