Investing.com - Agricultural machinery giant Deere & Company reported better-than-expected fiscal fourth quarter earnings on the back of strong revenue figures, it announced early Wednesday.
Earlier in the day, in its fourth quarter earnings report, Deere said adjusted earnings per share came in at USD2.11, easily surpassing expectations for adjusted earnings of USD1.90 per share.
The firm’s fourth quarter revenue totaled USD9.45 billion, above forecasts for revenue of USD8.68 billion.
"With our strong financial results in the fourth quarter, John Deere has wrapped up another year of impressive achievement," said Samuel R. Allen, chairman and chief executive officer.
For fiscal 2014, net income attributable to Deere & Company is anticipated to be about USD3.3 billion, above street estimates for USD3.05 billion.
Following the release of the report, Deere shares rose 3.1% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.1% at the open, S&P 500 futures dipped 0.1%, while the Nasdaq 100 futures indicated a drop of 0.1% at the open.