NEW YORK (TheStreet) -- Deere & Co. (DE) - Get Report shares are down 1.6% to $90.25 in early market trading on Friday after the agriculture, landscaping tools and machinery manufacturer lowered its fiscal outlook before the opening bell today.

The Moline, IL-based company lowered its sales outlook for the year despite also reporting first quarter earnings results that topped expectations. The company said that it expects 2015 equipment sales to fall 17% from the previous year, up from its previous 15% decline projection.

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For the quarter ended January 31, the company reported a 43% decline in net income to $386.8 million from $681.1 million during the same period last year, yielding an EPS of $1.12 that while well ahead of analysts' 82 cents per share expectations was far short of the $1.81 it reported last year.

Revenue for the period also decreased 16% to $6.38 billion from $7.65 billion as equipment sales dropped 19% during the period. However, the company beat analysts' expectations of $6.09 billion in revenue despite the double digit decline in sales.

The company cited difficult global market conditions for the decline is sales. The company gets over 65% of its revenue from its farm and turf machinery sales and forecast a 23% decline in that segment.

TheStreet Ratings team rates DEERE & CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

"We rate DEERE & CO (DE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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