Equipment sales at Deere are expected to move up 9% for its fiscal 2017 year and by 18% for its third quarter in comparison with the same 2016 periods.
Deere & Co. reports earnings, Friday, May 19, 2017.
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Especially worth noting, sales rose for the first time in 13 quarters due to demand for construction equipment, not to mention those trademark green tractors and other farm machinery. The company now expects sales to rise 9% through October, up from its earlier estimate of about a 4% increase. This was higher than $495.4 million, or $1.56 per share, in last year's second quarter.
The revisions came as Deere reported "signs of further stabilisation" in market conditions, after a downturn fuelled by the dent to farm incomes from weaker crop prices.
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Year over year, quarterly net sales in the worldwide equipment operations group rose 2% overall, including a decline of 5% in the United States and Canada offset by an increase of 14% elsewhere, with no material effect from currency exchange rates. Deere's performance also reflects the sound execution of our operating plans, the strength of a broad product portfolio, and the impact of our actions to develop a more agile cost structure. Its adjusted revenue was $7.26 billion, which also topped Street forecasts. As a result, we have raised our forecast and are now calling for significantly higher earnings for the full year.
Shares rose 7% in premarket trading as the company topped profit expectations in its second quarter.
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In last quarter's release, Allen noted that the worst of that recession may be over.