Deere & Company (NYSE:DE) stock was on the rise today despite reporting an earnings miss for its fiscal second quarter of 2018.
During its fiscal second quarter of the year, Deere & Company reported earnings per share of $3.14. This is an up from the company’s earnings per share of $2.49 reported in the same period of the year prior. However, it wasn’t able to match Wall Street’s earnings per share estimate of $3.30 for the quarter.
Net income reported by Deere & Company for its fiscal second quarter of 2018 came in at $1.21 billion. This is an improvement over the maker of farm equipment’s net income of $808 million that was reported in its fiscal second quarter of 2017.
Deere & Company also reported operating income of $1.49 billion for its fiscal second quarter of the year. This is an increase over the company’s operating income of $1.28 billion that was reported for the same time last year.
Deere & Company’s earnings report for its fiscal second quarter of 2018 also includes revenue of $10.72 billion. The company’s revenue from its fiscal second quarter of the previous year was $8.29 billion. Analysts’ were looking for DE to report revenue of $9.83 billion for the fiscal second quarter of the year.
Deere & Company says that it is expecting revenue for the fiscal full year of 2018 to increase by roughly 26% from fiscal 2017 revenue. Revenue from the previous year was $29.74 billion. Wall Street is estimating revenue of $33.48 billion for the fiscal year.
DE stock was up 6% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.