Deere & Company (NYSE:DE) earnings for the farm equipment company’s fiscal first quarter of 2020 have DE stock heading higher Friday. This is thanks to its diluted earnings per share (EPS) of $1.63. That’s better than Wall Street’s estimate of $1.26 for the quarter. Revenue of $7.63 billion also blows past analysts’ estimates of $6.42 billion.
Here are some additional highlights from the most recent Deere & Company earnings report.
- Diluted EPS is up 5.84% from $1.54 during the same period of the year prior.
- Revenue comes in 4.39% below the $7.98 billion from the fiscal first quarter of 2019.
- Operating income of $645 million is a 16.13% drop year-over-year from $769 million.
- The Deere & Company earnings report also includes a net income of $517 million.
- That’s a 3.82% improvement over the company’s net income of $498 million during the same time last year.
John C. May, CEO of Deere & Company, said this about the DE stock earnings:
“John Deere’s first-quarter performance reflected early signs of stabilization in the U.S. farm sector. Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports. At the same time, activity in the construction sector has slowed leading to lower sales and profit for our Construction & Forestry division.”
The Deere & Company earnings report also includes its outlook for fiscal 2020. This has the company expecting net income for the year to range from $2.7 billion to $3.1 billion.
DE stock was up 7.96% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
