Deere (NYSE:DE) earnings for the third quarter of fiscal year 2020 have DE stock ticking higher on Friday morning. This comes after revenue of $8.93 billion beat Wall Street’s estimate of $6.7 billion. Also, the company’s adjusted earnings per share (EPS) of $2.57 crushed analysts’ expectations for $1.26 during the quarter.
Additionally, the company reported GAAP earnings per share of $2.59 for the period.
Here is what else is worth mentioning from the most recent DE earnings report.
- Adjusted EPS was 8.5% lower from $2.81 during Q3 2019.
- Revenue for the quarter comes in 11% lower compared to $10.04 billion during the same time last year.
- Operating income of $1.39 billion is a 16.8% rise year-over-year from $1.19 billion.
- The Deere earnings report also included net income of $811 million.
- That is a 10% drop from $899 million in the third quarter of 2019.
John C. May, chairman and chief executive officer of Deere and Company, said this about the DE stock earnings:
“With outstanding support from our dedicated global workforce and dealer organization, John Deere delivered a strong performance in the third quarter in the face of a serious global pandemic and uncertain market conditions. As we manage through the pandemic, Deere’s number-one priority continues to be safeguarding the health and well-being of its employees.”
The company does not mention any sort of revenue or EPS guidance for the rest of FY2020. That said, Deere does say that it is expecting net income of about $2.25 billion for the year. Moreover, May also stated the following about the future:
“Although unsettled market conditions and related customer uncertainty are expected to have a moderating effect on key markets in the near term, we believe Deere is well-positioned to help make our customers more profitable and sustainable.”
Meanwhile, Wall Street analysts are calling for EPS of $6.33 on revenue of $28.57 billion for FY2020.
DE stock was up 6.1% on Friday.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.