Deere & Co. (NYSE:DE) shares rose more than 5% intra-day today after the company reported stronger-than-expected third-quarter earnings. The agricultural and construction equipment maker delivered adjusted earnings per share of $6.29, surpassing the Street estimate of $5.70, while revenue reached $11.39 billion, exceeding estimates of $10.95 billion despite a 20.3% year-over-year decline.
Deere upheld its full-year net income forecast of approximately $7 billion, underscoring its resilience amid challenging global agricultural and construction market conditions. CEO John May praised the company’s disciplined execution and adaptability, highlighting the team’s ability to navigate significant headwinds and market fluctuations.
Although worldwide net sales and revenues decreased 17% to $13.15 billion for the quarter, Deere’s ability to outperform analyst expectations and maintain full-year guidance reassured investors. The company’s efforts to reduce costs and align production with customer demands appear to have bolstered investor confidence, reflected in the positive stock movement following the earnings announcement.
Amid weak global agricultural fundamentals and slowing construction activity, Deere’s proactive measures to address market challenges have positioned the company to sustain competitiveness and long-term success.