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John Deere shares fall 18% in 2020

MOLINE, Ill. (AP) -- Deere & Co. (DE) on Friday reported fiscal second-quarter profit of $666 million. On a per-share basis, the Moline, Illinois-based company said it had profit of $2.11.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.77 per share.

The agricultural equipment manufacturer posted revenue of $9.25 billion in the period. Its adjusted revenue was $8.22 billion, also beating Street forecasts. Four analysts surveyed by Zacks expected $7.59 billion.

Deere shares have fallen 18% since the beginning of the year, while the Standard & Poor's 500 index has fallen nearly 9%. The stock has risen roughly 3% in the last 12 months.

Associated Press

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