.August 15, 2024 10:23 AM

Deere & Co. (NYSE:DE) saw a more than 5% increase in shares today after reporting third-quarter earnings that beat expectations. The company posted adjusted earnings per share of $6.29, exceeding the estimated $5.70, with revenue hitting $11.39 billion, surpassing the expected $10.95 billion despite a 20.3% drop from last year.

The company maintained its full-year net income forecast of around $7 billion, showcasing its resilience in a tough market. CEO John May commended the team’s execution and adaptability in navigating challenges and market fluctuations.

Despite a 17% decrease in worldwide net sales and revenues to $13.15 billion, Deere’s ability to outperform expectations and uphold guidance reassured investors. Cost-cutting efforts and production adjustments seem to have boosted investor confidence, leading to a positive stock movement.

Deere’s proactive approach to addressing market challenges in the face of weak global agricultural conditions and slowing construction activity has positioned the company for long-term success and competitiveness.