Filed under: Earnings reports, Forecasts, Economic data, Deere and Co (DE), Agriculture

Shares of agricultural equipment maker Deere & Co. (NYSE: DE) are lower this morning despite posting stronger-than-expected first-quarter profit, as investors showed disappointment over its home building and economic growth outlook.

For the quarter, the world’s largest manufacturer of agricultural machinery reported that its profit surged 55% to $369.1 million, lifted by crop grain prices that boosted international demand for agricultural equipment. Deere posted earnings of 83 cents per share, topping analysts’ predictions for earnings of 78 cents per share in the quarter.

The agricultural equipment maker also announced a respectable 18% increase in revenues, to $5.2 billion, up from $4.43 billion a year earlier. Revenue during the period was helped by a 37% increase in overseas results that benefited from the weak U.S. dollar. Analysts had forecast $5.07 billion in revenue, according to Thomson Financial.

Continue reading Deere (DE) first-quarter profit profit surges on higher grain prices

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