Earnings Miss Wall Street Estimates at John Deere

The largest maker of agricultural equipment, John Deere & Co. reported its fourth quarter earnings on Tuesday that missed estimates by analysts after the company saw sales outside Canada and the U.S. decline.

Profit jumped to over $1.75 per share during the three months that ended October 31. That was up from profits of a year ago of $1.62 per share. The company, based in Moline, Illinois was expected to have a profit of up to $1.88 per share.

Net Income for Deere will be nearly $3.2 billion during the year up through the end of October 2013, said the company. The average of analysts on Wall Street was $3.26 billion.

Deere announced that its farm equipment sales for Europe would be unchanged to 5% lower for the 2013 fiscal year. In Asia, Deere said it would be little changed because of softer conditions in the economy in both China and India. That could undermine the efforts of the company to expand market share outside Canada and the U.S. to 50% before 2018.

Deere, nevertheless remains in position to complete its plans for growth and capitalize on long term trends that look to be positive, even though current global fiscal and economic concerns have warranted continued caution, said Sam Allen the company’s CEO and Chairman.

The U.S. remains the largest market for Deere and inventory for new farm equipment was up during October to 29%. That level is the highest in over five years. One analyst said the inventory was still very high and it will not go away quickly.

On Tuesday, Deere was down to $85.99, but shares have risen by 11% since the start of 2012.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


© 2006-2017 Ticker Report. Google+.