NEW YORK, NY / ACCESSWIRE / November 23, 2018 / Both Deere & Company and Scotts Miracle-Gro Company were two gainers in Wednesday’s session after reporting quarterly results. Shares of both companies were soaring despite disappointing results.
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The ScottsMiracle-Gro Company
The Scotts Miracle-Gro Company shares were up 2.83% on Wednesday with around 432,000 shares traded. Earlier this month the world’s leading marketer of branded consumer lawn and garden products reported fourth quarter financial results. Net loss from continuing operations were $130.6 million or $2.36 per share. This was wider than a loss of $42.3 million or 72 cents in the year-ago quarter. The company reported an adjusted loss of 75 cents per share in the quarter, which was wider than the Zacks Consensus Estimate of a loss of 67 cents. Sales at $433.9 million was also behind the $442.6 million expectation. Scotts Miracle-Gro Company also announced that its Board of Directors has approved the payment of a cash dividend of $0.55 per share which will be payable on Monday, December 10, 2018 to shareholders of record as of Monday, November 26, 2018.
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Deere & Company shares were up 2.43% on almost 5 million shares traded on Wednesday. Despite a worse than expected earnings report for the fourth quarter, shares still managed to close in the green after dropping 2.7% in premarket trading. Deere & Company earnings per share rose to 2.42 per share from $1.57 per share in the same period last year. Adjusted EPS were reported at $2.30 for the quarter, worse than the $2.44 that analysts had been expecting. Revenue of $9.42 billion also missed the analysts’ revenue estimate of $9.59 billion. Brent Norwood, Manager, Investor Communications, remarked on the earnings call, "John Deere had another solid quarter with contributions from both our equipment operations and financial services group. The higher reported earnings were a result of favorable market conditions and a positive response to our innovative and advanced product lineup. In agricultural markets, replacement demand continues to drive sales activity for large equipment, while construction equipment sales benefited from increased investment in oil and gas, housing and global transportation."
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