Deere Blows Past Q4 Expectations
Deere & Co. (NYSE: DE – $84.84) reported fourth quarter earnings of $2.11 per share, vs. analyst consensus of $1.89 per share and $1.75 a year ago. Sales were $9.45 billion vs. analyst expectations of $8.68 billion. Equipment sales are projected to decrease about 3% for fiscal 2014 and be down about 2% for the first quarter compared with year-ago periods. For fiscal 2014, net income for the Deere is anticipated to be about $3.3 billion, according to the company. The outlook contemplates the sale of 60% of John Deere Landscapes operations, as previously announced. The shares remain a solid conservative holding for the longer-term.