Deere & Company (NYSE:DE) stock is trading higher Thursday after the company reported fiscal third-quarter results that beat Wall Street expectations and raised its full-year net income outlook.
Deere reported net income of $1.379 billion, or $5.10 per diluted share, compared with $1.289 billion, or $4.75 per share, a year earlier.
Earnings of $5.10 per share beat the $4.70 estimate. Net sales and revenue rose 5% to $12.608 billion, topping the $10.730 billion estimate.
Segment Performance
Production & Precision Agriculture net sales fell 6% to $3.998 billion. Operating profit declined 9% to $527 million, while operating margin narrowed to 13.2% from 13.6%.
