Deere beat every forecast and increased its full year outlook
The agricultural, construction, and forestry machinery
posted better-than-expected Q1 earnings.
For the three months ended in January, the company reported
an EPS of $3.87, 137% higher than the previous year. It topped the $2.14
earnings per share consensus.
At the same time, worldwide sales rose 19% to $9.12 billion,
ahead of the $7.22 billion forecasted.
“Our results were aided by outstanding performance across
our business lineup and improving conditions in the farm and construction
sectors. In addition, our smart industrial operating strategy is making a
significant impact on the company’s results while it also helps our customers
be more profitable and sustainable,” stated CEO John May.
For the full fiscal 2021, Deere expects its overall net
income to reach a high of $5 billion, up from the previous forecast of $4
Following the news, Deere stock price gained almost 1%,
opening the US session at $303 per share.
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