A Deere earnings miss for the company’s fiscal first quarter of 2019 has the stock heading lower on Friday.
Deere (NYSE:DE) reported earnings per share of $1.54 for its fiscal first quarter of the year. This is an increase over its earnings per share of $1.35 from the same time in 2018. However, it wasn’t good news for DE stock by missing Wall Street’s earnings per share estimate of $1.76 for the period.
Net income reported in the Deere earnings release for its fiscal first quarter of 2019 comes in at $498 million. This is better than the company’s net loss of $535 million reported in the same period of the year prior.
Deere earnings for its fiscal first quarter of the year also includes operating income of $769 million. The manufacturer of tractors and farming equipment reported operating income of $636 million in its fiscal first quarter of the previous year.
The Deere earnings report for its fiscal first quarter of 2019 also sees revenue coming in at $6.94 billion. This is up from the company’s revenue of $5.97 billion reported during the same time last year. It also comes in above analysts’ revenue estimate of $6.82 billion for the quarter, but wasn’t enough to keep DE stock from falling today.
“Despite unsettled conditions in some of our key markets, Deere expects to achieve strong financial results in 2019,” Samuel Allen, Chairman and CEO of Deere, said in a statement . “We are confident Deere is well-positioned to achieve its financial goals and firmly believe the company remains on track for delivering solid operating performance and significant value to customers and investors in the future.”
DE stock was down 2% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.