Why Deere & Co. (DE) Stock Is Lower This Morning

NEW YORK (TheStreet) -- Shares of Deere & Co.  (DE) are down -1.67% to $92.05 in pre-market trade after reporting net income was $980.7 million, or $2.65 per share, for the second quarter ended April 30, compared with $1.084 billion, or $2.76 per share, for the same period last year. 

Analysts polled by Thomson Reuters projected earnings of $2.47 a share and revenue of $9.65 billion for the quarter

For the first six months of 2014, net income was $1.662 billion, or $4.46 per share, compared with $1.734 billion, or $4.41 per share, last year.

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Worldwide net sales and revenues decreased 9%, to $9.948 billion, for the second quarter and were down 4%, to $17.602 billion, for six months.

Net sales of the equipment operations were $9.246 billion for the quarter and $16.195 billion for six months, compared with $10.265 billion and $17.058 billion for the same periods last year.

The company said equipment sales are projected to fall about 4% for fiscal 2014 and for the third quarter compared with the year-ago periods. Included is an unfavorable currency-translation effect of about 1% for the year. For the fiscal year, net income is anticipated to be about $3.3 billion.

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

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