raised its annual profit forecast on Friday, as the world’s largest farm equipment maker expects a boost to margins from price hikes and solid demand for its tractors and combines.
Record grain prices have put more cash in farmers’ pockets and spurred them to increase investments in agricultural machinery amid a tight labor market. The U.S. Department of Agriculture estimated net farm income to have risen 25 per cent to $23.9-billion in 2021. “Looking ahead, we expect demand for farm and construction equipment to continue benefiting from strong fundamentals,” Chief Executive John May said in a statement.
Net sales from equipment operations rose about 6 per cent to $8.53-billion for the first quarter ended Jan. 30.
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