Why Shares of Deere Are Soaring Today
Shares of Deere & Co. (NYSE: DE) traded up more than 9% on Friday after the agriculture and heavy equipment manufacturer reported better-than-expected earnings. Deere says the farm sector is stabilizing, which should help stabilize sales of the company's tractors, loaders, and other farm equipment.
Deere reported fiscal first-quarter earnings of $1.63 per share on revenue of $7.63 billion, easily topping analyst expectations for $1.26 per share in earnings on $6.42 billion of sales. The company generated net income of $517 million in the quarter, compared to $498 million in the same three months a year prior, despite revenue falling 4% year over year.
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Source Fool.com
