Deere Reports Strong Second Quarter

May 19, 2017

Thanks to a strong second quarter, Deere and Company has raised its outlook for the year. Friday the company reported earnings rose to $802 million or $2.49 per share, compared to $1.56 a year ago.

Worldwide sales increased 5 per cent to nearly $8.3 billion.

Spokesman Ken Golden says their markets are "stabilizing."

"The confidence in farmers' ability to go ahead and invest in their business is improving and on the construction and forestry side, there are a lot of good indicators."

Equipment sales during February, March, and April dropped 5 per cent in the US and Canada, but jumped 14 per cent in the rest of the world.

"These things add up - new markets, good execution of our plans, and growth. And it's starting to pay off for the employees of John Deere and the company."

Golden says after the first quarter, Deere predicted equipment sales would rise 4 per cent for the year, but now has raised its forecast to 9 per cent growth for the year.