How Deere Beat Estimates and Doubled Profit Guidance

How Deere Beat Estimates and Doubled Profit Guidance

How Deere Beat Estimates and Doubled Profit Guidance

Deere earned $802.4 million compared to the $495.4 million earned in second-quarter of 2016, while the first six months brought in $996.2 million compared to last year's $749.8 million.

Still, equipment net sales in the USA and Canada fell 5% for the quarter as worldwide sales increased 14%.

The results surpassed Wall Street expectations.

The net income attributable to the company grew by more than $300 million compared to this time past year. Revenue came in at $8.29 billion, topping the $7.27 that analysts were anticipating.

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Sales of construction and forestry equipment rose 7 percent in the quarter and Deere expects those numbers to jump about 13 percent for the year. Improved year-to-date results benefited from price realization, a favorable sales mix, and higher shipment volumes, partially offset by expenses associated with the previously announced voluntary employee-separation program and higher warranty costs.

Deere (NYSE:DE) says it is cautiously optimistic about the agricultural outlook for its South American business despite Brazil's emerging political crisis that puts recovery of the country's farm sector at risk.

Deere beat last year's quarterly EPS by 60% and the consensus estimate by 48%.

Net revenues are expected to increase 9% for its fiscal 2017 with attributable net income for Deere of close to $2 billion.

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The strong results sent Deere stock sharply higher in early trading.

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.

The U.S. farm equipment maker also raised it fiscal 2017 equipment sales growth forecast to 9 per cent, from the previous 4 per cent forecast in February.

Net receivables and leases financed by JDCC were $32.015 billion at April 30, 2017, compared with $33.208 billion at May 1, 2016.

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