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Deere beats across the board and raises its profit forecast (DE)

Deere & Company reported second-quarter earning that were ahead of Wall Street expectations while raising its profit forecast.

The farming-equipment maker reported earnings $2.49 a share, easily beating the $1.68 that was expected by the Bloomberg consensus. Revenue came in at $8.29 billion, topping the $7.27 that analysts were anticipating.

“John Deere reported strong results in the second quarter as market conditions showed signs of further stabilization,” Chairman and CEO Samuel R. Allen said in the earnings release. “We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery.

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Source:: BusinessInsider.Com