(CercleFinance.com) – Deere on Friday reported a weaker-than-expected rise in its quarterly profit and revised its annual profit forecast downwards, two announcements that caused the title of the manufacturer of agricultural machinery to fall in quotations before -Sotck exchange.
The Moline, Illinois group’s net profit rose to $1.88 billion, or $6.16 per share, in the third fiscal quarter ended July, from $1.67 billion, or $5.32 per share, a year earlier.
For comparison, analysts on average expected earnings per share much higher, around 6.69 dollars.
Its turnover for its part increased by 22% to 14.1 billion dollars, against a consensus which aimed at 12.8 billion dollars.
Quoted in a press release, John C. May, the CEO of the American group, evokes “favorable” conditions which should persist until 2023 thanks to the positive reception reserved by customers for the latest ranges of the group.
“We are working closely with our factories and suppliers so that we can meet the high levels of demand next year,” he added.
Deere has nevertheless reduced its annual profit forecast, now counting on a net profit of between seven and 7.2 billion dollars against 7-7.4 billion previously.
Following this publication, the action fell by more than 7% in pre-opening on the New York Stock Exchange.
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