Deere & Co. said its normalized net income for the fiscal third quarter ended July 30 was $1.35 per share, compared with the S&P Capital IQ consensus estimate of $1.95 per share.
EPS declined year over year from $1.41.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $440.4 million, a decline from $445.9 million in the year-earlier period.
The normalized profit margin declined to 5.8% from 6.6% in the year-earlier period.
Total revenue grew 13.3% on an annual basis to $7.62 billion from $6.72 billion, and total operating expenses climbed 10.1% on an annual basis to $6.67 billion from $6.06 billion.
Reported net income increased 30.9% on an annual basis to $640.4 million, or $1.97 per share, from $489.3 million, or $1.55 per share.
