Farming and construction equipment maker Deere & Company (DE) on Wednesday posted an uptick in fiscal second quarter earnings and lifted its full-year outlook.
The Moline, IL-based company reported fiscal second quarter net income of $1.06 billion, or $2.61 per share, compared with $904 million, or $2.12 per share, in the year-ago period.
Revenue rose 12% from last year to $10 billion.
On average, Wall Street analysts expected a smaller profit of $2.53 per share, on lower revenue of $9.70 billion.
Looking ahead, DE said it now expects full-year 2012 profits of $3.35 billion, up from a prior outlook of $3.28 billion.
Deere shares rose $1.08, or +1.4%, in premarket trading Wednesday.
The Bottom Line
Shares of Deere & Company (DE) have a 2.40% dividend yield, based on last night’s closing stock price of $76.62. The stock has technical support in the $70-$72 price area. If the shares can firm up, we see overhead resistance around the $80-$83 price levels.
Deere & Company (DE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 0.0 out of 5 stars.