Deere (NYSE:DE) stock is on a wild ride today after starting off strong this morning with its earnings report for the third quarter of 2021.
Let’s dive into that news below to see why shares of DE stock are on the move today.
- Deere starts off the earnings report strong with fully diluted earnings per share of $5.32.
- That easily beats out Wall Street’s diluted earnings per share estimate of $4.57 for the quarter.
- It’s also a massive jump compared to the company’s diluted EPS of $2.57 from the same time last year.
- That also comes with a revenue of $11.53 billion for Q3 2021.
- Yet again, that smokes analysts’ estimates, which was sitting at $10.3 billion.
- It’s also a 29% increase over the company’s revenue of $8.93 billion from the same period of the year prior.
- Another noteworthy number is Deere’s net income of $1.67 billion.
- That’s a 106% year-over-year increase from $811 million.
John May, chairman and CEO of Deere, said the following in the earnings report moving DE stock today.
“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from favorable fundamentals. We are, at the same time, excited by the growing engagement with our digital platform, the John Deere Operations Center, as well as continued adoption of precision technologies, which unlock greater value for our customers.”
DE stock is seeing heavy trading this morning following its earnings release. That’s resulted in nearly 2 million shares of the stock changing hands. This is already above its daily average trading volume of about 1.7 million shares.
DE stock was down 2.6% as of Friday morning but was up significantly at the start of trading today.
Investors looking for more stock market news from today will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
