Deere upgrades 2021 earnings outlook on improved equipment demand
- The Moline, Illinois-based company now expects annual net income in the range of $4.6 billion to $5.0 billion, higher than $3.6 billion-$4.0 billion forecast earlier.
- Earnings for the first quarter came in at $3.87 per share compared with $1.63 per share last year. Analysts surveyed by Refinitiv, on average, expected quarterly earnings of $2.14 per share.
CHICAGO: Deere & Co on Friday upgraded its fiscal 2021 earnings forecast after profit more than doubled in the first quarter on improved demand for farm and construction machines and a higher adoption rate for its technology offerings.
The Moline, Illinois-based company now expects annual net income in the range of $4.6 billion to $5.0 billion, higher than $3.6 billion-$4.0 billion forecast earlier.
Earnings for the first quarter came in at $3.87 per share compared with $1.63 per share last year. Analysts surveyed by Refinitiv, on average, expected quarterly earnings of $2.14 per share.
The company said industry sales of agricultural equipment in the United States and Canada - Deere's biggest combined market - are now expected to grow by 15% to 20% this year, compared with a 5% to 10% growth estimated earlier.
Deere's shares, which have outperformed broader market with a gain of 17% since the last earnings report, were up 3.2% at $309.87 in pre-market hours.
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