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Why Deere & Co. Stock Dropped Today

TheMotleyFool

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Why Deere & Co. Stock Dropped Today: https://g.foolcdn.com/editorial/images/744651/big-green-farm-combine-harvesting-a-field.jpg

Shares of tractor maker Deere & Company (NYSE: DE) sank 4.5% through 10:20 a.m. on Friday despite beating analyst earnings forecasts earlier in the morning.

Heading into its fiscal Q3 2023 report, analysts had expected Deere to report $8.20 profit per share -- but Deere actually reported $10.20 per share. On sales, Deere's beat was similarly sizable. Wall Street predicted $14.25 billion in Q3 revenue; Deere delivered $15.8 billion.

But if the company did so well in the quarter, then why is its stock down at all, let alone down 4.5%?

Source Fool.com

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