Deere & Co. (NYSE: DE) published its quarterly financial results on Friday that blew past the analysts’ estimates. The company also provided a slightly hawkish guidance for the full fiscal year on Friday.
Shares of the company climbed more than 4% in premarket trading on Friday. At £145.93 per share, Deere & Co. is currently trading at the highest per-share price in its history. As the Coronavirus pandemic disrupted business in March, the stock sunk to a year to date low of £84.83 per share. Deere had started the year £135 per share in the stock market. Interested in investing in the stock market? Here’s what you need to know about trading stocks online.
Deere’s net income slid to £618.97 million
Deere reported to have generated a net income of £618.97 million in the fiscal third quarter that translates to £1.96 per share. In the comparable quarter of 2019, it had recorded a higher £686.13 million of net income or £2.14 per share. In terms of revenue, the agriculture and construction equipment manufacturer saw an 11% decline in the recent quarter to £6.82 billion.
According to FactSet, experts had forecast the company to print £5.72 billion of revenue and 96 pence a share of earnings per share in Q3. Deere & Co. slashed salaried jobs in the first week of August as part of company restructuring.
At £4.33 billion, the American corporation’s sales from agriculture and turf came in 5% lower on a year over year basis. Constructions sales, on the other hand, noted a steeper 28% decline in sales to £1.67 billion in the fiscal third quarter. FactSet consensus was at £3.99 billion of sales from agriculture and £1.24 billion from construction.
