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Deere Sees Sales, Earnings Rebound
USAgNet - 05/22/2017

Deere & Company reported second-quarter earning that were ahead of Wall Street expectations, and it raised its profit forecast. The farm equipment maker reported earnings of $2.49 a share, easily beating the $1.68 that was expected by the Bloomberg consensus. Revenue came in at $8.29 billion, topping the $7.27 billion that analysts were anticipating.

For the first six months of the year, net income attributable to Deere & Company was $996.2 million, or $3.10 per share, compared with $749.8 million, or $2.36 per share, last year.

"John Deere reported strong results in the second quarter as market conditions showed signs of further stabilization," chairman and CEO Samuel R. Allen said in the earnings release. "We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery.

In addition to beating on both the top and bottom lines, Deere raised its 2017 profit forecast. The company now expects sales to rise by 9% through October, up from its earlier estimate for an increase of about 4%. Deere sees net income of about $2 billion, up from its previous estimate of about $1.5 billion.

Equipment net sales in the United States and Canada decreased 5 percent for the quarter and were down 6 percent for the first six months. Outside the U.S. and Canada, net sales increased 14 percent for the quarter and 13 percent for the first six months, with no material effect of currency translation in either period.

Agriculture & Turf. Sales increased 1 percent for the quarter and first six months primarily due to price realization. Year-to-date results were also affected by lower shipment volumes.


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