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Price increase, strong farm economy boosts Deere profits above analyst expectations
MOLINE, Ill. – Deere & Co. says its second-quarter net income rose almost 3 per cent as it raised prices and the farm economy continued to be strong.
The company, which makes farm tractors as well as construction equipment, earned $1.08 billion, or $2.76 per share, for its most recent quarter. That was up from $1.06 billion, or $2.61 per share, during the same period last year.
That topped analysts’ average estimates for earnings of $2.71 per share.
Revenue from equipment sales rose 9 per cent to $10.27 billion from $9.41 billion a year earlier. Including financial services, Deere revenue rose 9 per cent to $10.91 billion.
Deere raised prices by 3 per cent and shipped more gear during the quarter.
Its full-year profit prediction of $3.3 billion is unchanged.
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