Deere & Company earnings for the company’s fiscal second quarter of 2019 have DE stock down on Friday.
Deere & Company (NYSE:DE) starts off the earnings report for its fiscal second quarter the year with earnings per share of $3.52. This is an increase over the company’s earnings per share of $3.14 from its fiscal second quarter of 2018. Unfortunately for DE stock, this has it missing Wall Street’s earnings per share estimate of $3.61 for the period.
Net income reported by Deere & Company for its fiscal second quarter of 2019 comes in at $1.14 billion. This is down from the company’s net income of $1.21 billion reported in the same period of the year prior.
Operating income from the Deere & Company earnings report for its fiscal second quarter of the year is $1.54 billion. That’s better than the company’s operating profit of $1.49 billion reported in its fiscal second quarter of the previous year.
The Deere & Company earnings report for its fiscal second quarter of 2019 also includes revenue of $11.34 billion. This is up from the company’s revenue of $10.72 billion reported during the same time last year. It also comes in above analysts’ revenue estimate of $10.18 billion for the quarter, but couldn’t keep DE stock from dropping today.
“Although the long-term fundamentals for our businesses remain favorable, softening conditions in the agricultural sector have led Deere to adopt a more cautious financial outlook for the year,” Samuel Allen, Chairman and CEO of Deere & Company, said in a statement.
DE stock was down 6% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.