Deere profit falls 27 percent in third quarter
As Deere & Co's reported profits fell by 27 percent in the third quarter, the farm machinery manufacturer warned that sales in the current quarter would fall about a third from the previous year. Still, the company bested analyst estimates and shares surged in pre-market trading.
For the three months ending July 31, Deere reported that it earned $420 million, or 99 cents a share, compared with $575.2 million, or $1.32 a share in the comparable quarter a year ago. It's per-share profit far exceeded consensus analyst estimates of 57 cents a share, according to data compiled by Zacks.com. In pre-market trading, shares of the stock were up 2.5 percent, at $46.20.