Deere earnings report beats Wall Street predictions - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere earnings report beats Wall Street predictions

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MOLINE, Ill. (AP) — Deere & Co. on Wednesday reported fiscal fourth-quarter profit of $285.3 million.

On a per-share basis, the Moline, Illinois-based company said it had net income of 90 cents.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The agricultural equipment manufacturer posted revenue of $5.65 billion in the period, also surpassing forecasts. Five analysts surveyed by Zacks expected $5.35 billion.

For the year, the company reported profit of $1.52 billion, or $4.81 per share. Revenue was reported as $23.39 billion.

"John Deere has completed another successful year in spite of continuing weakness in the global agricultural and construction equipment sectors," said Samuel R. Allen, chairman and chief executive officer.

"The company in 2016 had one of its ten-best years in both sales and earnings, a noteworthy achievement in light of the difficult business climate," said Allen.

Deere shares have increased 21 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 8 percent. The stock has increased 23 percent in the last 12 months.

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