Deere Stock Tumbles After Q3 Earnings Miss, Profit Forecast Cut

Deere & Co (THE) shares tumbled in pre-market trading after the farm equipment maker posted weaker-than-expected third-quarter results and lowered its full-year profit forecast amid ongoing supply chain pressures.

Deere said earnings for the three months ended August 1, the group’s fiscal second quarter, came in at $6.16 per share, up 17.3% from the same period last year but well below the Street consensus forecast of $6.69 per share. The group’s global revenue, Deere said, rose 22% from last year to $14.1 billion, well ahead of analysts’ forecasts of $12.8 billion.

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