Deere reported Q1 FY 2016 earnings of $0.80 per share (versus $1.12 in Q1 FY 2015), beating analysts' consensus of $0.70.

The company's quarterly revenues amounted to $4.769 bln (-14.9% y/y), missing consensus estimate of $4.862 bln.

Deere issued downside guidance for FY 2016, lowering revenues to -10% to $23.2 bln from -7% (versus analysts' consensus of $23.56 bln) and net income to $1.3 bln from $1.4 bln.

DE fell to $78.25 (-2.59%) in pre-market trading.