<p>Deere (NYSE: DE) profit for the manufacturer of agricultural equipment‘s fiscal second quarter 2020 has the DE share down on Friday. That despite its diluted earnings per share of $ 2.11 and revenue of $ 9.25 billion. These both come well above Wall Street‘s estimates of $ 1.80 per share and revenue of $ 7.76 billion.
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Let’s take a closer look at the Deere earnings report below.
Earnings after dilution per share decreased by 40.1% from $ 3.52 in the second quarter of 2019. Revenue for the quarter is 18% lower than the $ 11.34 billion reported during the same period last year. Deere’s earnings report also shows that the company brings in a net income of $ 666 million. That is a decrease of 41% compared to the net profit of 1.14 billion dollars from the same time last year.
John May, Chairman and CEO of Deere, said this in the second quarter fiscal performance report.
“Deere is known for developing strong relationships with a range of stakeholders, which proves to be very valuable in difficult times. We continue to be committed to offering a complete range of advanced digital tools that give our customers unique opportunities and help them make their work more efficient and profitable. As a result, we are confident that the company will successfully manage the effects of the pandemic and strengthen its position of serving customers in the future. ”
Deere also mentions that the net result for the financial year 2020 is expected to be between 1.6 and 2 billion dollars. However, it also points out that the effects of the new coronavirus can change these results.
The DE share started strong on Friday but fell almost 1% in the afternoon.
At the time of writing, William White had no position in any of the above securities.
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