The effects of a sluggish worldwide economy caught up to the Moline, Illinois based Deere & Company (NYSE:DE) in its fiscal Q3, as its net income moved up 11% but plunged well short of Wall Street’s forecasts.
Deere, the world’s biggest producer of agricultural equipment, lowers its revenue forecast for the fiscal full year, and investors reacted quickly. Shares of the company fell over 7%.
Delays in production lines also damaged the company. The company executives reported in a conference call with analysts on Wednesday that ongoing drought in the Midwest had a minimal impact.
Deere reported on Wednesday that it made $788 million or $1.98 a share in earnings during the three months period finished July 31, evaluated against $712.3 million or $1.69 a share for the similar quarter previous year. FactSet analysts forecasted $2.31 a share in the most recent quarter.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. AGCO Corporation (NYSE:AGCO) fell -4.32% to settle at $42.57, Kubota Corp (ADR) (NYSE:KUB) moved down -0.87% to end at $47.76 while The Toro Company (NYSE:TTC) jumped +0.71% to finish on Wednesday at $37.05.
Deere & Company (NYSE:DE) last session volume of 18.93million shares was surprisingly higher than its average volume of 3.89 million shares. The stock after opening at $76.11 hit high price of $76.14 and then closed at $75.10 by scoring -6.28%.
The liquidity measure in recent quarter results of the company was recorded debt to equity ratio was -4.02 and long-term debt to equity ratio also remained -2.54. The Company had total cash at hand $2.70 billion and a book value per share as $18.55 in the most recent quarter.
The stock price volatility was 1.82% for a week and 2.31% for a month as well as price volatility’s Average True Range for 14 days was 2.09 and its beta remained 1.53.
DE generated revenue of 33.76 billion in the following twelve months and earned $2.97 billion. The Company showed a positive 8.81% in the net profit margin and as well as in its operating margin which remained 13.43%. Company’s annual sales growth for the past five year was 7.65%.
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