MOLINE, Ill. (AP) — Deere’s fiscal third-quarter profit topped analysts’ estimates, buoyed by improving farm and construction equipment markets. But its adjusted revenue missed Wall Street’s view.
Shares tumbled 5 percent in Friday premarket trading.
The agricultural equipment maker earned $641.8 million, or $1.97 per share, for the period ended July 30. A year ago the Moline, Illinois-based company earned $488.8 million, or $1.55 per share.
The results beat Wall Street expectations. Analysts surveyed by Zacks Investment Research were looking for earnings of $1.93 per share.
Revenue rose to $7.81 billion from $6.72 billion. Its adjusted revenue was $6.83 billion, which was short of the $6.88 billion that analysts polled by Zacks expected.
Going forward, Deere & Co. foresees fiscal 2017 net income of about $2.08 billion. Analysts surveyed by FactSet predict net income of $2.06 billion.