Deere beats profit estimates, raises full-year forecasts
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[BENGALURU] Deere & Co reported a better-than-expected quarterly profit, helped by improving demand for its farm equipment, particularly in South America, and the company raised its full-year sales and profit forecasts for the third time.
Deere said it now expects fiscal 2017 equipment sales to rise 10 per cent, compared with its previous forecast of an increase of about 9 per cent.
The company said it expects 2017 net income attributable to Deere to be about US$2.1 billion, up from US$2.0 billion estimated previously.
The US farm equipment maker is benefiting from higher demand for farm machinery in South America, where farmers have enjoyed big gains in corn and soybean output.
Net income attributable to Deere jumped 31.3 per cent to US$641.8 million, or US$1.97 per share, in the third quarter ended July 30, from a year earlier.
Total sales and revenue rose to US$7.81 billion from US$6.72 billion.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Analysts on average had expected earnings of US$1.95 per share and revenue of US$6.92 billion, according to Thomson Reuters.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Singaporeans can now buy record amount of yen per Singdollar
