Deere profit jumps 62%, helped by improving demand

Reuters

Reuters

Net income was $802.4 million, or $2.49 per share, for the second quarter ended April 30, 2017, compared with $495.4 million, or $1.56 per share, for the second quarter of 2016.

Golden says after the first quarter, Deere predicted equipment sales would rise 4 per cent for the year, but now has raised its forecast to 9 per cent growth for the year. Analysts had forecast earnings of $1.68 with $7.32 billion of equipment sales. Outside the US and Canada, net sales increased 14 percent and were particularly strong in South America.

Deere & Co reported on Friday a 62 percent jump in quarterly profit, helped by improving demand for its products, and the USA farm equipment maker raised its fiscal 2017 financial forecast.

For the fiscal year 2017, Deere now expects equipment sales to increase by about 9% and third-quarter sales to rise by about 18%.

Total revenue rose 2.8% to $8 billion.

Deere's share price has gained more than 40% over the past year. Total revenue increased to $8.29 billion from $7.88 billion, beating the FactSet consensus of $8.02 billion, as financial and other revenue were better than expected while agriculture and turf and construction and forestry revenue were in line with forecasts.

On a per-share basis, the Moline, Illinois, company posted net income of $2.49, easily surpassing the $1.56 per share for last year's second quarter and beating Wall Street expectations.

Shares of Deere traded up 5.5% at $118.81 in the premarket Friday morning, a new 52-week high if it holds after the bell.

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