Shares of agricultural, construction and forestry machinery manufacturer Deere & Company (DE) fell 2.1% on Friday to close at $351.30 despite its better-than-expected results for the third quarter ended August 1, 2021. The robust results can be attributed to the growth witnessed in net revenues. Quarterly net sales jumped 29% year-over-year to $11.53 billion, topping the Street's estimate of $10.3 billion. A rise of 32% in net sales from Equipment Operations to $10.41 billion fueled this growth. Production & Precision Agriculture, Small Agriculture & Turf and Construction & Forestry — the segments within Equipment Operations — reported a year-over-year net sales growth of 29%, 32% and 38%, respectively.
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Deere (NYSE:DE)
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