Deere & Company (NYSE:DE) reported second-quarter earnings on Thursday that topped analyst estimates. The stock traded lower following the results as investors weighed continued weakness in large agricultural markets.
EPS of $6.55 beat analyst estimates of $5.73, while revenue of $13.369 billion exceeded estimates of $11.535 billion.
Segment Performance Remains Mixed
Worldwide net sales and revenues increased 5% year-over-year to $13.369 billion, while equipment operations net sales rose 5% to $11.778 billion.
“Our performance in the current market environment demonstrates the strength of our diversified portfolio. This is particularly reflected in the strong outcomes achieved by our Small Ag and Construction & Forestry divisions during this year,” stated Chairman and CEO John May.
“As we address ongoing challenges within global agricultural markets, our comprehensive portfolio continues to drive market share expansion and support our targets for sustained growth.”
Production & Precision Agriculture net sales fell 14% to $4.503 billion, while operating …