Deere & Co. (DE) reports strong third-quarter earnings

Posted Aug 15th 2007 8:15AM by Michael Fowlkes
Filed under: Before the Bell, International Markets, Earnings Reports, Forecasts, Good news, Deere and Co (DE)

Yesterday, when we previewed this morning's earnings release from Deere & Co. (NYSE: DE) we guessed that we would be seeing some strong earnings this morning, and the company did not disappoint us. Deere reported that third quarter earnings rose by 23%, mainly on the back of strong international sales.

Analysts had been expecting to see the company report $1.99 per share, but will be pleased to see the actual earnings for its fiscal third quarter coming in at $2.37 a share.

In early morning premarket trading shares of DE have moved up 1.6%, gaining $1.91 to $119.00.

Looking ahead, the company estimates that it will see equipment sales rise 16% in the fourth quarter and 7% for the full year. The company will be holding its earnings conference call later this morning, starting at 10:00 AM EDT, and we will be covering the call in its entirety.

So, be sure to check back later this morning for up to the minute details on this mornings call.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.

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