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.