InvestorsKeyhole Morning News Leader

Deere misses estimates while boosting full year guidance

Deere & Company (DE) is up 4.7% Friday morning following the company’s fiscal second-quarter earnings report. Deere posted quarterly earnings of $3.14 per share on sales of $9.75 billion. Earnings were below the $3.33 consensus while sales were in-line with analyst estimates. Despite the earnings miss, shares are moving higher in response to the company boosted its full year earnings guidance to $3.1 billion from $2.85 billion. Deere also expects to see net sales jump 26 percent year over year, but it did admit that the company is facing higher raw material costs.

Deere & Company (DE) manufactures heavy farm and construction equipment.

PayPal Holdings, Inc. (PYPL) and AmTrust Financial Services, Inc. (AFSI) top the list of other companies with positive news today, while Nordstrom, Inc. (JWN) and Campbell Soup Company (CPB) top the list of companies with negative news.

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About Deere & Company

Deere is the world's leading manufacturer of agricultural equipment with approximately $35 billion in annual revenue. The company is divided into two reportable segments 1) agriculture and turf and 2) construction and forestry. Approximately 55% of Deere equipment is sold in North America and Canada. The principle products harvested by Deere equipment include grain, oilseeds, cotton, sugar, and biomass. In 2018, agriculture and turf made up approximately 70% of total revenue while construction and forestry generated 30%.

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