Shares of Deere & Company (DE), a leading manufacturer of farm machinery and industrial equipment, experienced a decline of over 5% in pre-market trading on Thursday, dropping to $392.58. This downturn follows the company's revision of its full-year profit outlook.
Deere & Company now forecasts a net income of approximately $7 billion for the year, a reduction from its prior estimate of $7.50 billion to $7.75 billion.
In the second quarter, the company's profit fell to $2.37 billion, or $8.53 per share, compared to $2.86 billion, or $9.65 per share, during the same period last year. Analysts, on average, had anticipated earnings of $7.86 per share, based on data from Thomson Reuters.
Quarterly revenue also saw a significant decline, dropping 12.4% to $15.235 billion from last year's $17.387 billion. Nonetheless, this figure surpassed the consensus estimate of $13.28 billion.
On Wednesday, Deere & Company's shares closed at $414.02, marking a 0.30% increase for the day. Over the past year, the stock has fluctuated between $345.55 and $450.00.
