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Deere & Co. stock lost ground Friday despite a third-quarter profit update and 2023 profit view that beat analyst estimates but implies that it could fall short of forecasts for the coming quarter.
Deere
DE,
stock fell 4.6%.
Oppenheimer analysts said guidance from Deere “implies a more muted” fourth quarter, of about $7.45 a share, below the FactSet consensus figure of $7.51 a share.
The company said its net income for the three months ended June 30 rose to $2.978 billion or $10.20 per share, from $1.884 billion, or $6.16 per share, in the year-ago quarter.
The FactSet consensus estimate was for earnings of $8.22 a share.
Revenue at the Moline, Ill.-based company rose 12% to $15.801 billion, ahead of the estimate of $14.143 billion.
Looking ahead, Deere expects its profit for 2023 to range from $9.75 billion to $10 billion, ahead of the analyst view of $9.407 billion. The view implies that Deere expects its fourth-quarter results to be mostly in line at this time.
Oppenheimer analysts said guidance from Deere “implies a more muted” fourth quarter, of about $7.45 a share, below the FactSet consensus figure of $7.51 a share.
CEO John C. May said, “Deere continues to benefit from favorable market conditions and an operating environment showing further improvement.”
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