DE earnings for the fiscal fourth quarter of the year saw the company missing estimates.
Deere (NYSE:DE) reported earnings per share of $2.30 for its fiscal fourth quarter of 2018. This is an increase over the company’s earnings per share of $1.57 from the same time last year. However, it was well below Wall Street’s earnings per share estimate of $2.45 for the quarter, but couldn’t keep DE stock down.
Deere also reported net income of $748.80 million for its fiscal fourth quarter of the year. This is better than the company’s net income of $510.30 million reported in its fiscal fourth quarter of 2017.
During its fiscal fourth quarter of 2018, Deere reported revenue of $9.42 billion. The company’s revenue from the same period of the year prior was $8.02 billion. This was good news for DE stock by easily beating out analysts’ revenue estimate of $8.57 billion for the period.
Deere also provides an outlook for fiscal 2019 during its most recent earnings report. The company says that it is expecting revenue for the fiscal year to increase 7% from fiscal 2018. This would have its fiscal 2019 revenue coming in around $39.97 billion. It is also looking for net income during fiscal 2019 to be roughly $3.6 billion. Wall Street is looking for earnings per share of $11.64 on revenue of $36.04 billion for the fiscal full year of 2019.
DE stock was up 3% as of Wednesday morning, but is down 12% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.