Stronger-than-expected earnings for Deere

February 19, 2021
Stronger-than-expected earnings for Deere

Deere beat every forecast and increased its full year outlook

The agricultural, construction, and forestry machinery constructor, Deere, 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 billion.

Following the news, Deere stock price gained almost 1%, opening the US session at $303 per share.


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