Deere profit jumps 62%, helped by improving demand

Deere Sees 9% Rise In FY17 Revenues - Quick Facts

Deere Sees 9% Rise In FY17 Revenues - Quick Facts

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.

Recommended News

  • Comey, Russia controversies surrounding Trump threaten federal budget work

    Comey, Russia controversies surrounding Trump threaten federal budget work

    Graham, R-S.C., who told the press: "I've asked Comey to come before the Judiciary Committee to tell his side of the story". Trump may have been bluffing about the tapes, but if they do exist, the White House won't be able to protect them for long.

    Julian Assange probe dropped by Swedish prosecutors

    She was freed Wednesday, having had her sentence commuted by outgoing President Barack Obama before he left office. Police kept up round-the-clock guard outside the embassy until a year ago , when the operation was scaled back.
    US Complains To Turkey Over Embassy Violence

    US Complains To Turkey Over Embassy Violence

    The descent of Turkey into a strongman state is discouraging, and there's no sign that it's going to turn around any time soon. The statement said that the USA communicated its concerns to the Turkish government "in the strongest possible terms".
  • Syria says U.S. airstrike killed several soldiers near border with Jordan

    A road between Iraq and Syria would facilitate the flow of assistance from Iran , which is a strong backer of Assad. The United States has not spoken about any strikes carried out by the US -led coalition on that date.

    Many French Voters Yet to be Convinced by Macron

    Jean-Francois Perier, 76, speaking at Le Pen's post-election event, said last week's candidates' debate had gone wrong for her. Macron has said he was aiming to secure an absolute majority in the lower chamber through the June 11 and 18 elections.
    Companies stockpiling Bitcoin in anticipation of ransomware attacks

    Companies stockpiling Bitcoin in anticipation of ransomware attacks

    Importantly, just because a victim follows the proscribed steps doesn't mean he or she is going to get their files decrypted. Bitcoin can be broken down into 8 decimal places, one can send fraction of bitcoin so any amount money can be represented.
  • Sanchez breaks stubborn Sunderland for Arsenal

    Sanchez breaks stubborn Sunderland for Arsenal

    Liverpool will be assured of a top-four spot if they equal or better Arsenal's result this weekend's set of fixtures. Arsene Wenger has blamed Arsenal's away record for their failure to match Chelsea in the Premier League title race.
    Fiat Chrysler seeks diesel emission certification from EPA

    Fiat Chrysler seeks diesel emission certification from EPA

    The company fired back at the hint that its cars cheated emissions tests by saying that the devices prolonged the engines' lives. Approval might also signal a positive effort to avoid the kind of scandal that roiled Volkswagen over diesel emissions cheating.

    Hacking group offers subscription for NSA code

    Each month peoples can be paying membership fee, then getting members only data dump each month. A spokeswoman for Microsoft said it was preparing a response.
  • William pays tribute to Diana as he presents award celebrating her memory

    William pays tribute to Diana as he presents award celebrating her memory

    Each year they present the Diana Award to young people in honour of their mother, and this year they've paid a special tribute to her hard work.
    G7 financial leaders reiterate FX pledges, vow more cyber cooperation

    G7 financial leaders reiterate FX pledges, vow more cyber cooperation

    The group's agreements aren't legally binding; instead, they represent the leaders' political commitment to follow through.

    Why Trump's combative trade stance makes US farmers nervous

    Trump's trade-related threats to neighbors - could also derail a deal. Washington's current political upheaval - and Mr.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.