by Christopher Freeburn | May 14, 2014 11:14 am
On Wednesday, Deere & Co. (DE) topped second fiscal-quarter earnings estimates, but cut its sales outlook for the year. DE shares sank more than 2% on the news.
DE posted second-quarter net income of $2.65 per share of Deere stock, down from $2.76 per share in the prior-year quarter. But that still topped the $2.47 per DE share that Wall Street was looking for, the Associated Press notes.
Quarterly equipment sales of $9.95 billion declined 8.9% year-over-year, but beat the $9.63 billion that analysts had forecast.
Looking forward, DE predicted that equipment sales for the full year will sink 4%. That’s more than the 3% decline Deere had previously estimated. DE also said that current quarter equipment sales will fall about 4%.
Deere stock closed at $93.61 per share on Tuesday.
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