Deere & Company (DE) shares are trading lower on Wednesday after the company forecasted a decline in agricultural and construction sales for fiscal year 2020.
The company reported third-quarter earnings of $2.14 per share, which met the analyst consensus estimate. This is a 6.96% decrease over earnings of $2.30 per share from the same period last year.
The company reported quarterly sales of $8.703 billion, which beat the analyst consensus estimate of $8.44 billion by 3.12%. This is a 4.31% increase over sales of $8.343 billion in the same period last year.
Deere's worldwide sales of agriculture and turf equipment are forecast to decline 5-10% for 2020, including a negative currency translation effect of 1%.
Deere shares were trading down 3.9% at $169.70 in Wednesday's pre-market session. The stock has a 52-week high of $171.22 and a 52-week low of $128.32.
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