Deere reported Q2 FY 2016 earnings of $1.56 per share (versus $2.03 in Q2 FY 2015), beating analysts' consensus of $1.48.

The company's quarterly revenues amounted to $7.107 bln (-3.9% y/y), beating consensus estimate of $6.660 bln.

Deere issued downside guidance for Q3, projecting revenues of $6.02 bln (-12% y/y) versus analysts' consensus estimate of $6.17 bln.

The company also raised its FY 2016 revenues growth projection to -9% y/y (from -10% y/y) to $23.46 bln (versus analysts' estimate of $23.02 bln), but lowered FY 2016 net income forecasts to $1.2 bln from $1.3 bln.

DE fell to $81.00 (-1.52%) in pre-market trading.