Deere beats 3Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

Deere & Co. (DE) on Friday reported fiscal third-quarter profit of $511.6 million.

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The Moline, Illinois-based company said it had net income of $1.53 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.47 per share.

The agricultural equipment manufacturer posted revenue of $6.84 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $7.11 billion.

Deere shares have risen 2.5 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased 1 percent. The stock has climbed nearly 6 percent in the last 12 months.

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

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Keywords: Deere, Earnings Report