MOLINE, Ill. (AP) — Deere & Co. (DE) on Friday reported fiscal second-quarter profit of $1.21 billion.
The Moline, Illinois-based company said it had net income of $3.67 per share. Earnings, adjusted for pretax gains, came to $3.14 per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.33 per share.
The agricultural equipment manufacturer posted revenue of $10.72 billion in the period. Its adjusted revenue was $9.75 billion, meeting Street forecasts.
Most Read Business Stories
- No good deed goes unpunished — Bezos' gift and its discontents | Jon Talton
- California: Drugmaker paid doctors to overprescribe Humira
- Boeing's head of communications stepping down
- Coca-Cola eyeing drinks infused with pot’s CBD
- ‘Pit-bull’ lawyer suing IBM for age discrimination
Deere shares have declined 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 2 percent. The stock has risen 30 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DE at https://www.zacks.com/ap/DE