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Deere Stock Climbs On Profit Beat

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Updated: 21 August 2020

Agricultural equipment manufacturer Deere & Company's (NYSE:DE) share price surged over 4% to record highs premarket on Friday after the company reported its fiscal third-quarter earnings…

The company reported a net income of $811 million for the quarter or $2.57 per share, compared to $899 million or $2.81 per share during the same period last year. Its EPS beat analysts estimates of $1.26 per share.

Deere's net sales and revenue decreased by 11% to $8.925 billion, however, that beat estimates of $7.5 billion.

“With outstanding support from our dedicated global workforce and dealer organization, John Deere delivered a strong performance in the third quarter in the face of a serious global pandemic and uncertain market conditions,” said John C. May, chairman and chief executive officer of Deere & Company.

Deere's shares soared to record highs premarket after the report was released and are currently trading at $198.90, up by 4.08% at the time of this publication.

May continued, saying that the company's “number-one priority continues to be safeguarding the health and well-being of its employees. Thanks to aggressive measures taken early in the crisis, we have had success keeping our employees safe, our factories and parts centers functioning, and our customers served.”