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Deere & Company (DE) Tops Q3 Earnings, Lags Sales Estimates
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Deere & Company (DE - Free Report) is the world’s leading manufacturer of agricultural machinery with a market capitalization of $39.7 billion. It also produces a variety of commercial and consumer equipment; and a broad range of construction and forestry equipment. Deere’s financial services primarily provide credit services, which mainly finance sales and leases of equipment by John Deere dealers and trade receivables purchased from the equipment operations.
Despite weak global agricultural and construction sectors, Deere continues to perform well driven by ongoing success of developing a more durable business model and a wider range of revenue sources. The company will gain from the implementation of its operating plans and disciplined cost management as well as the impact of a broad product portfolio. Deere also remains optimistic about the long term, based on steady investments in new products and geographies. Additionally, Deere is anticipated to gain from the recovering dairy market and improvement in Brazil. Its disciplined cost management and a broad product portfolio also remain tailwinds.
Investors have thus been eagerly awaiting the company’s latest earnings report. Let’s have a quick look at the Illinois-based company’s third-quarter fiscal 2017 earnings release.
Estimate Trend & Surprise History
The investors should note that the earnings estimate for Deere for the third-quarter of fiscal 2017 has moved north over the past month. The Zacks Consensus Estimate is currently pegged at $1.93, moving 3.2% up over the said timeframe.
Coming to earnings surprise history, Deere has an impressive track record. In the past 4 quarters, the company has outpaced the Zacks Consensus Estimate on all occasions, with an average beat of 70.41%.
Earnings
Deere posted earnings of $1.97 per share in the third quarter, beating the Zacks Consensus Estimate of $1.93. Earnings improved 27% year over year.
Revenues
Deere reported third quarter revenues from equipment operations of $6.833 billion, which fell short the Zacks Consensus Estimate of $6.885 billion.
Outlook
Deere projects total equipment sales to increase about 10% year over year in fiscal 2017 and to rise about 24% in the fourth quarter of fiscal 2017, compared with year-ago periods. The forecast included a positive foreign-currency translation effect of about 1% for fiscal 2017 and about 2% in the fourth quarter. For fiscal 2017, Deere expects net sales to increase about 11% year over year and projects net income at $2.075 billion.
Zacks Rank
Currently, Deere has a Zacks Rank #2 (Buy) but that could change following Deere’s earnings report which was just released.
Market Reaction
Deere shares lost 0.08% in pre-market trading.
Check back later for our full write up on this Deere’s earnings report later!
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Deere & Company (DE) Tops Q3 Earnings, Lags Sales Estimates
Deere & Company (DE - Free Report) is the world’s leading manufacturer of agricultural machinery with a market capitalization of $39.7 billion. It also produces a variety of commercial and consumer equipment; and a broad range of construction and forestry equipment. Deere’s financial services primarily provide credit services, which mainly finance sales and leases of equipment by John Deere dealers and trade receivables purchased from the equipment operations.
Despite weak global agricultural and construction sectors, Deere continues to perform well driven by ongoing success of developing a more durable business model and a wider range of revenue sources. The company will gain from the implementation of its operating plans and disciplined cost management as well as the impact of a broad product portfolio. Deere also remains optimistic about the long term, based on steady investments in new products and geographies. Additionally, Deere is anticipated to gain from the recovering dairy market and improvement in Brazil. Its disciplined cost management and a broad product portfolio also remain tailwinds.
Investors have thus been eagerly awaiting the company’s latest earnings report. Let’s have a quick look at the Illinois-based company’s third-quarter fiscal 2017 earnings release.
Estimate Trend & Surprise History
The investors should note that the earnings estimate for Deere for the third-quarter of fiscal 2017 has moved north over the past month. The Zacks Consensus Estimate is currently pegged at $1.93, moving 3.2% up over the said timeframe.
Deere & Company Price and EPS Surprise
Deere & Company Price and EPS Surprise | Deere & Company Quote
Coming to earnings surprise history, Deere has an impressive track record. In the past 4 quarters, the company has outpaced the Zacks Consensus Estimate on all occasions, with an average beat of 70.41%.
Earnings
Deere posted earnings of $1.97 per share in the third quarter, beating the Zacks Consensus Estimate of $1.93. Earnings improved 27% year over year.
Revenues
Deere reported third quarter revenues from equipment operations of $6.833 billion, which fell short the Zacks Consensus Estimate of $6.885 billion.
Outlook
Deere projects total equipment sales to increase about 10% year over year in fiscal 2017 and to rise about 24% in the fourth quarter of fiscal 2017, compared with year-ago periods. The forecast included a positive foreign-currency translation effect of about 1% for fiscal 2017 and about 2% in the fourth quarter. For fiscal 2017, Deere expects net sales to increase about 11% year over year and projects net income at $2.075 billion.
Zacks Rank
Currently, Deere has a Zacks Rank #2 (Buy) but that could change following Deere’s earnings report which was just released.
Market Reaction
Deere shares lost 0.08% in pre-market trading.
Check back later for our full write up on this Deere’s earnings report later!
4 Surprising Tech Stocks to Keep an Eye on
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without. More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really take off.
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