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John Deere announces second-quarter earnings

Deere & Co. (DE) on Friday reported fiscal second-quarter earnings of $1.13 billion.
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MOLINE, Ill. (AP) — Deere & Co. (DE) on Friday reported fiscal second-quarter earnings of $1.13 billion.

The Moline, Illinois-based company said it had profit of $3.52 per share.  The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.58 per share.

The agricultural equipment manufacturer posted revenue of $11.34 billion in the period. Its adjusted revenue was $10.27 billion, which beat Street forecasts. Four analysts surveyed by Zacks expected $10.15 billion.

Deere shares have declined 2% since the beginning of the year, while the Standard & Poor's 500 index has climbed 15%. The stock has declined nearly 1% in the last 12 months.