It's hard to describe Deere's (NYSE: DE) recent third-quarter earnings report as anything less than a "blowout." The company exceeded external and internal expectations, and the underlying development of the business suggests that the stock remains attractively priced. Let's take a look at why Deere stock remains a good value, even after rising 21% so far this year.
The best way to see how strong the quarter was is by looking at how management adjusted its full-year revenue and earnings guidance. As you can see in the table below, there was a significant improvement in both segments' full-year revenue outlooks. As such, the agriculture and turf segment outlook is now reaching the low point of the guidance given in November -- a great result given the impact of the coronavirus pandemic on the economy.
Deere's precision agriculture technology is helping farmers be more productive. Image source: Getty Images.
Source Fool.com