Deere’s stock powers up after profit and sales beat expectations by wide margins, with growth in all business segments

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Deere shares jump 6% on forecast-beating results, with growth across all units

Shares of Deere & Co. DE, +0.67% powered up 5.3% in premarket trading Friday, after the maker of agricultural, construction and forestry equipment reported fiscal second-quarter results that beat expectations by wide margins and raised its net income outlook, with particular strength in its production and precision agriculture business. Net income for the quarter to April 30 rose to $2.86 billion, or $9.65 a share, from $2.10 billion, or $6.81 a share, in the year-ago period.

89 billion, as production and precision agriculture sales jumped 53%, small agriculture and turf sales increased 16% and construction and forestry sales rose 23%. All three business segments delivered higher shipment volumes and higher prices. “As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” said Chief Executive Officer John May.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Monogram Orthopaedics shares rally, Farfetch stock gains and other stocks on the moveMonogram Orthopaedics, Flowers Foods, Farfetch and Applied Materials are among stocks on the move for Friday.
Source: MarketWatch - 🏆 3. / 97 Read more »