Deere (NYSE:DE) earnings for the farm equipment manufacturer’s fiscal second quarter of 2020 have DE stock down Friday. That’s despite its diluted earnings per share of $2.11 and revenue of $9.25 billion. These both come in well above Wall Street’s estimates of $1.80 per share and revenue of $7.76 billion.
Let’s take a more in-depth look at the Deere earnings report below.
- Diluted per-share earnings are down 40.1% from $3.52 during the fiscal second quarter of 2019.
- Revenue for the quarter comes in 18% lower than the $11.34 billion reported in the same period of the year prior.
- The Deere earnings report also sees the company bringing in a net income of $666 million.
- That’s a 41% drop compared to its net income of $1.14 billion from the same time last year.
John May, chairman and CEO of Deere, said this in the fiscal Q2 earnings report.
“Deere is well-known for developing strong relationships with a range of stakeholders, which prove extremely valuable in difficult times. We remain committed to offering a full suite of advanced digital tools that give our customers unique capabilities and help them do their work more efficiently and profitably. As a result, we’re confident the company will successfully manage the pandemic’s effects and strengthen its position serving customers in the future.”
Deere also mentions that it is expecting net income for fiscal 2020 to come in between $1.6 billion and $2 billion. However, it also points out that the effects of the novel coronavirus could change these results.
DE stock started off strong on Friday but was down almost 1% as of the afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.