Good news. Deere stock drops from $1.41 to $0.96 a share.
How can that be good news? Well, for Wall Street it is. It's like Deere got beaten to a pulp in a ball game, but at least they beat the spread.
Deere's fourth-quarter earnings slid 35% from last year, as modest decline in sales combined with a program to scale back manufacturing volume.
The farm and construction equipment maker earned $232.8 million, or 96 cents a share, in the quarter, compared with $356.7 million, or $1.41 a share, last year. Net sales fell 3% to $4.49 billion. Analysts had been forecasting earnings of 79 cents a share on sales of $4.53 billion, according to Thomson First Call.
In its equipment division, operating earnings were $224 million in the latest quarter, down from $449 million a year ago. Deere cited lower manufacturing volume and shipments in its agricultural division and higher warranty costs. On a reported basis, equipment sales in the U.S. and Canada declined 2% in the quarter.