Health Care

Deere & Company Earnings And Outlook Blow Away Expectations

Deere & Company Earnings And Outlook Blow Away Expectations

For its first half of the fiscal year, attributable net income to Deere reached $996.3 million equal to $3.10 a share, in comparison to $749.7 million equal to $2.36 a share for the same six month period on year ago.

The improved market conditions helped Deere & Co report a 5.2% rise to $8.29bn in sales in the three months to May 1, with results from construction and forestry particularly strong, lifted by higher sales volumes. The company said revenue for the quarter rose to $7.26 billion, up from $7.11 billion a year ago.

The farming-equipment maker reported earnings $2.49 a share, easily beating the $1.68 that was expected by the Bloomberg consensus.

Outside the US and Canada region, the company saw a jump in sales of 14% for the just ended quarter and 13% for the fiscal year's first six months.

DE increased its forecast numbers, with equipment sales now projected to increase about 9% for FY17 and to rise about 18% for Q3 compared with the same periods of 2016.

General Election: Punters react badly to Lib Dems manifesto
And Scotland would be connected to a high-speed rail network with approval for the HS2 and HS3 developments. The Conservative and Lib Dem coalition government introduced both programmes during its time in office.

Rates of foreign currency are not expected to create any material effect on its equipment sales for either the third quarter or full year.

Deere said it now expects fiscal 2017 net income attributable to the company to be about $2 billion, up from $1.5 billion estimated previously.

Deere has demonstrated its continued ability to produce strong results through every phase of its business cycle. "It also shows the impact of the company's consistent investments in advanced technology, new products and additional markets", said Chief Executive Samuel Allen.

Shares of Deere, which has cut jobs and lowered production due to declining demand for its trademark green tractors and harvesting combines, were up 7.3 per cent at $120.30 in premarket trading.


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