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Commodities & Metals

Deere Momentum Stalling In Fields

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By Jon C. Ogg Updated Published
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Deere & Company (NYSE: DE) finds itself in a strange spot this morning.  The company blew past earnings estimates with $1.44 EPS, far above the Thomson Reuters consensus of $1.21. Revenue for its fiscal third quarter was up close to 25% at $6.84 billion while net sales were $6.22 billion.  Thomson Reuters had estimates of $6.49 billion.

Where things get tricky is in the guidance.  Net income for Deere & Company is anticipated to be approximately $375 million in the next quarter.  Estimates are closer to $388 million.  Deere said that equipment sales are projected to rise about 12% for fiscal 2010 and to rise about 32% for the fourth quarter over a year ago.

The company also said that a 2% favorable impact from currency is in there for the year, but about a 1% unfavorable impact in the quarter.

One of the other issues is Deere’s price performance.  At $67.23, its 52-week range is $40.28 to $69.47 and the stock was in the mid-$50’s at the peak of selling in that end of June and early July sell-off.  The stock got ahead of itself.  Sometimes stocks just reach a fair valuation.

Shares are lower, but they are just under $66.00.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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