Deere Earnings Miss Estimates Amid Rising Material, Freight Costs

Cornelia Mascio
Mag 18, 2018

US tractor maker Deere & Co reported on Friday a 49.4 percent year-over-year increase in the second quarter profit. Some estimates saw slightly higher sales.

But the equipment maker on Friday said it is continuing to face higher freight and material costs, and that it would have to raise prices and focus on cutting costs as a result.

Equipment net sales in the United States and Canada increased 27 percent for the quarter and 26 percent year to date. Its adjusted revenue was $9.75 billion, meeting Street forecasts. The stock has risen 30 percent in the past 12 months.

The agricultural equipment manufacturer posted revenue of $10.72 billion in the period.

Deere shares have declined 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 2 percent.

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