Why Deere Stock Plunged After Earnings Today

Agriculture and construction equipment maker Deere Co. (NYSE: DE) reported its fiscal 2023 fourth-quarter results Wednesday morning, and the stock plunged. As of 11:40 a.m. ET, it was down by about 5%, making it one of the leading losers in the Dow Jones Industrial Average index for the session.

Notably, the company handily beat earnings estimates for the quarter, which ended Oct. 29. What investors didn't like was what management said about the outlook for fiscal 2024.

Deere's fiscal Q4 earnings came in at $8.26 per share, well in excess of the $7.46 per share Wall Street was expecting. Sales also slightly outpaced estimates. Those results represented sharp increases compared to the prior-year period as well.

Source Fool.com