Deere & Company (NYSE:DE) stock was up Friday on a strong outlook in its earnings report for its first fiscal quarter of 2018.
Deere & Company says that it is expecting equipment sales for its fiscal full year of 2018 to increase by 29%. The company notes that 12% of this increase in equipment sales will come from Wirtgen.
When it comes to revenue for its fiscal full year of 2018, Deere & Company is expecting an increase of roughly 25%. DE reported revenue of $29.73 billion for fiscal 2017. Wall Street is looking for revenue of $31.59 billion for the year, which is about a 6% increase from 2017 revenue.
Alongside its strong revenue outlook for fiscal 2018 was revenue of $6.91 billion for its fiscal first quarter of the year. This is up 23% from the $5.63 billion that was reported in the same period of the year prior. It also beat out analysts’ revenue estimate of $6.42 billion for the quarter.
During its fiscal first quarter of the year, Deere & Company reported earnings per share of $1.31. This is an increase over its earnings per share of 61 cents from the fiscal first quarter of 2017. It also comes in above Wall Street’s earnings per share estimate of $1.20 for the period.
Deere & Company notes that it reported a net loss of $535.1 million for its fiscal first quarter of 2018. This is down from its net income of $199.0 million from the same time last year. DE points out that it suffered a $965 million charge in connection to tax reform changes in the most recent quarter.
DE stock was up 3% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.