Deere (NYSE:DE) reported earnings this morning, and investors are less than pleased. Shares are down about 2% today after third-quarter results came in.
Deere beat estimates on the top and bottom lines, including a record $997 million in earnings. However, the company provided a middling outlook for the rest of the fiscal year. Deere, known for its iconic tractors and lawnmowers, is struggling in forestry and construction sales, posting an 11% decline. The company expects to finish the 2013 fiscal year with an 8% decline in construction sales, while agriculture sales will end with an approximately 7% gain.
The stock itself has had an underwhelming year, growing less than 3% compared to the S&P 500's 20% leap. Motley Fool industrials analyst Isaac Pino explains that while there were negative aspects to this report, Deere expects double-digit growth in Latin American sales. As these countries continue to develop, Isaac sees Deere's stock benefiting in the long term.
Erin Kennedy has no position in any stocks mentioned. Isaac Pino, CPA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.