Deere’s Q2 Beats, Shares Up – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/20360/Deere%27s+Q2+Beats%2C+Shares+Up+-+Zacks+Tale+of+the+TapePosted on Wednesday, May 20th, 2009 | In Market Commentary, Stocks to Watch
Deere & Co.’s (DE) second-quarter earnings came in ahead of expectations despite weak sales outside the U.S. and Canada.
The world’s largest farm equipment maker posted earnings of $1.11 per share, topping the consensus estimate by 2 cents.
Revenue slipped 17% to $6.75 billion, as equipment sales outside the U.S. and Canada fell 30%.
CEO Robert W. Lane stated that operations dependant on construction activity and consumer spending are feeling the full impact of the global economic downturn.
Meanwhile, Deere reduced full-year net income guidance to $1.1 billion, compared to the previous outlook of $1.5 billion announced in February.
The consensus estimate on the company’s full-year earnings has moved down by 12 cents to $3.19 over the past 30 days as 7 out of 19 covering analysts lowered expectations.
Shares of Deere, a Zacks #3 Rank (”Hold”) company, have advanced more than 8% to $47.45 in morning trade on volume of approximately 2.5 million, compared to average daily volume of about 5.7 million.
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