Tractor maker Deere & Company (NYSE: DE) said its third-quarter earnings declined, hurt by a double-digit fall in revenues. Both earnings and revenues beat the estimates, driving the company’s stock higher on Friday morning.
Net income dropped to $811 million or $2.57 per share in the July-quarter from $899 million or $2.81 per share in the comparable period of last year. Analysts were looking for a lower number.
Worldwide net sales and revenues decreased by 11% to $8.93 billion but came in above the consensus forecast. For fiscal 2020, the management forecasts earnings of $2.25 billion.
“Although unsettled market conditions and related customer uncertainty are expected to have a moderating effect on key markets in the near term, we believe Deere is well-positioned to help make our customers more profitable and sustainable,” said CEO John May.