On Wednesday farming and construction equipment manufacturer Deere & Co. (DE) saw a rise in fourth quarter profit and sales, but earnings missed Wall Street expectations.
The Moline, Illinois-based company reported a 3% rise in fourth quarter profit to $687.6 million, or $1.75 per share, up from $669.6 million, or $1.62 per share, in the same quarter a year ago.
The company saw its sales rise 14% to $9.79 billion from the year ago period.
According to analysts polled by FactSet, DE was expected to earn $1.88 per share on sales of $8.93 billion.
Looking forward, Deere forecasts that its sales will rise about 10% in the first quarter of fiscal 2013, with sales rising 5% for the entire 2013 fiscal year. The company expects fiscal 2013 profit to be about $3.2 billion, up from $3.07 billion in 2012. On average, Wall Street expects DE to earn $3.26 billion.
Deere & Co. shares were down $2.21, or -2.57%, in premarket trading on Wednesday.
The Bottom Line
Shares of Deere & Co. (DE) have a 2.14% dividend yield, based on last night’s closing stock price of $85.99. The stock has technical support in the $80-$81 price area. If the shares can firm up, we see overhead resistance around the $89-$91 price levels.
Deere & Co. (DE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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