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Deere & Co. profit beats consensus by 21.6% in fiscal Q1

Deere & Co. said its normalized net income for the fiscal first quarter ended Jan. 31 was $1.00 per share, compared with the S&P Capital IQ consensus estimate of 83 cents per share.

EPS decreased 39.0% year over year from $1.64.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $347.0 million, a decrease of 43.8% from $617.4 million in the prior-year period.

The normalized profit margin declined to 5.4% from 8.1% in the year-earlier period.

Total revenue declined 16.6% on an annual basis to $6.38 billion from $7.65 billion, and total operating expenses decreased 10.3% year over year to $5.99 billion from $6.68 billion.

Reported net income decreased 43.0% from the prior-year period to $387.2 million, or $1.12 per share, from $679.5 million, or $1.81 per share.