Commodities & Metals
Deere Beats Earnings, Shares Indicated Lower (DE)
Published:
Deere(NYSE: DE) posted earnings at $0.83 EPS versus the First Call estimate of $0.78 EPS. Its revenues rose 17.5% from Q4-2006 to $5.2 Billion versus $5.07 Billion consensus.
As far as guidance, Deere noted that equipment sales should increase by about 17% for full-year in 2008 and should be up approximately 23% for the second quarter. Deere’s net income is forecast to be about $2.2 billion for the year and in a range of $700 million to $725 million for the second quarter. The company did realize gains from currency of roughly 3% of the sales increase for both periods.
Deere shares closed up over 2% yesterday to $86.48 and shares are down roughly the same amount in early pre-market trading at $84.25. The 52-week trading range is $51.26 to $94.77.
Jon C. Ogg
February 13, 2008
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