July 27, 2017

Deere announces second-quarter earnings

19 May 2017, 06:08 | Rodolfo Wallace

Deere beats Street 2Q forecasts

John Deere equipment is on display at the Farm Progress Show in Decatur Ill. Deere & Co. reports earnings Friday

Deere & Co. (NYSE: DE) reported second-quarter fiscal 2017 results before markets opened Friday.

For the quarter ended April 30, sales of Deere's farm machinery rose 2.2% from a year earlier to $7.26 billion, as sales of construction and forestry equipment grew 0.9% during the quarter to $1.47 billion.

Net sales in equipment operations reached $7.25 billion during the quarter and $11.96 billion for the six months, in comparison to $7.01 billion and $11.9 billion for the same time frames respectively past year. The FactSet consensus for earnings per share was $1.63.

Equipment operations posted a $1.11 billion operating profit for the three-month period and $1.36 billion for the six months, in comparison to an operating profit of $688 for the quarter and $902 million for six months one year ago. For the year analysts expect EPS of $4.94 compared with $4.81 last year.

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"We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery", CEO Samuel Allen said in a statement.

The company also raised it full-year sales forecast for farm equipment in the USA and Canada. Deere's performance also reflects the sound execution of our operating plans, the strength of a broad product portfolio, and the impact of our actions to develop a more agile cost structure.

David McNew/Getty ImagesDeere & Company reported second-quarter earning that were ahead of Wall Street expectations while raising its profit forecast. The stock has climbed 36 percent in the last 12 months.

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