Deere & Co reported on Friday a 62 percent jump in quarterly profit, helped by improving demand for its products, and the USA farm equipment maker raised its fiscal 2017 financial forecast.
Net income attributable to Deere rose to $802.4-million, or $2.49 cents per share, in the second quarter ended April 30 from $495.4-million, or $1.56 cents per share, a year earlier.
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. For 2017, Deere now expects company equipment sales to increase 9%, compared with previous guidance of 4% growth.
For the third quarter, analysts are looking for EPS of $1.53 and revenues of $6.3 billion.
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Net sales for its worldwide equipment operations were up 2% during the quarter and 1% during the first half of the year in comparison with the same two periods one year ago. Based on what Deere said this morning about its own third-quarter estimates, expect these numbers to rise in the next few days.
"We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery", CEO Samuel Allen said in a statement.
Shares rose 7% in premarket trading as the company topped profit expectations in its second quarter.
Deere beat last year's quarterly EPS by 60% and the consensus estimate by 48%. The stock has climbed 36 percent in the last 12 months.
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