DE: Deere Stock Ticks Lower on Lower Sales Forecast

by Christopher Freeburn | May 14, 2014 11:14 am

DE: Deere Stock Ticks Lower on Lower Sales Forecast

On Wednesday, Deere & Co. (DE[1]) topped second fiscal-quarter earnings estimates, but cut its sales outlook for the year[2]. DE shares sank more than 2% on the news.

John Deere antique tractor 630 flickr 300x199 DE: Deere Stock Ticks Lower on Lower Sales Forecast[3]
Source: Flickr[4]

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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Endnotes:
  1. DE: http://studio-5.financialcontent.com/investplace/quote?Symbol=DE
  2. cut its sales outlook for the year: http://bostonherald.com/business/business_markets/2014/05/deere_2q_profit_falls_sales_outlook_cut
  3. [Image]: http://investorplace.com/wp-content/uploads/2011/07/John_Deere_antique_tractor_630_flickr.jpg
  4. Flickr: http://www.flickr.com/photos/msuagbioresearch/
  5. A New Target CEO – Just What the Doctor Ordered?: http://investorplace.com/2014/05/target-ceo-tgt-stock-gregg-steinhafel/
  6. WMT Stock – Why the Time Has Come to Buy Walmart: http://investorplace.com/2014/05/walmart-earnings-buy-wmt-stock/
  7. Avoid WFM Stock as Long as Mackey’s at the Helm: http://investorplace.com/2014/05/wfm-stock-whole-foods-earnings/

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