Deere & Company (DE) Reports Q2 Beat With 62% Gain On Bottomline

Reuters

Reuters

Globally, net sales and revenues were up 5 percent-to $8.287 billion-for the second quarter, and is up 4 percent-to $13.912 billion-over the past six months.

Outside the US and Canada region, the company saw a jump in sales of 14% for the just ended quarter and 13% for the fiscal year's first six months.

This morning, Deere & Co. reported second-quarter net income of $802.4 million.

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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But the firm forecast an 9% rise in sales for the financial year, powered in part by a 20% rise in sales of farm machinery in South America.

Deere said it now expects fiscal 2017 net income attributable to the company to be about $2 billion, up from $1.5 billion estimated previously. Deere sees net income of about $2 billion, up from its previous estimate of around $1.5 billion.

Excluding the gain of 55 cents on sale of partial interest in affiliate SiteOne Landscape Supply Inc., which provides irrigation supplies, Deere earned $1.94 per share.

Shares of Deere traded up 5.5% at $118.81 in the premarket Friday morning, a new 52-week high if it holds after the bell.

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Net receivables and leases financed by JDCC were $32.015 billion at April 30, 2017, compared with $33.208 billion at May 1, 2016. Industry sales for agricultural equipment in the USA and Canada are forecast to be down about 5 percent for 2017, reflecting weakness in the livestock sector and the continuing impact of low crop prices.

Deere's sales had taken a hit as lower prices for corn and soybeans left farmers with less cash to spend on equipment.

"Deere is demonstrating a continuing ability to produce impressive results through all phases of the business cycle", Allen said.

Analysts have forecast fiscal year sales of $24.32 billion, about 5% higher than sales of $23.39 billion in 2016.

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