Deere & Co. stock lost ground Friday despite a third-quarter profit update and 2023 profit view that beat analyst estimates but implies that it could fall short of forecasts for the coming quarter.
Deere DE, -5.28% stock fell 4.6%.
Oppenheimer analysts said guidance from Deere “implies a more muted” fourth quarter, of about $7.45 a share, below the FactSet consensus figure of $7.51 a share.
The company said its net income for the three months ended June 30 rose to $2.978 billion or $10.20 per share, from $1.884 billion, or $6.16 per share, in the year-ago quarter.
The FactSet consensus estimate was for earnings of $8.22 a share.
Revenue at the Moline, Ill.-based company rose 12% to $15.801 billion, ahead of the estimate of $14.143 billion.
Looking ahead, Deere expects its profit for 2023 to range from $9.75 billion to $10 billion, ahead of the analyst view of $9.407 billion. The view implies that Deere expects its fourth-quarter results to be mostly in line at this time.
Oppenheimer analysts said guidance from Deere “implies a more muted” fourth quarter, of about $7.45 a share, below the FactSet consensus figure of $7.51 a share.
CEO John C. May said, “Deere continues to benefit from favorable market conditions and an operating environment showing further improvement.”
This article was originally published by Marketwatch.com. Read the original article here.
