Deere beats Street 4Q forecasts

Markets Associated Press

Deere & Co. (DE) on Wednesday reported fiscal fourth-quarter net income of $510.3 million.

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The Moline, Illinois-based company said it had profit of $1.57 per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.

The agricultural equipment manufacturer posted revenue of $8.02 billion in the period. Its adjusted revenue was $7.09 billion, also topping Street forecasts. Five analysts surveyed by Zacks expected $6.91 billion.

For the year, the company reported profit of $2.16 billion, or $6.68 per share. Revenue was reported as $25.89 billion.

Deere shares have increased 35 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 16 percent. The stock has increased 51 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on DE at https://www.zacks.com/ap/DE