Deere & Co fourth quarter earnings exceed analyst’ expectations, on the back of revenue growth in its high-horsepower tractors and rising spending from construction customers. The agricultural machinery company also boosted its annual profit outlook.
for the first fiscal quarter ending in January, net income climbed to $6.55 per share, crushing analysts' estimates of $5.57.
Revenue rose +32% from the year-ago quarter to $12.65 billion.
Sales of the company's equipment division rose +34% from the year-ago period, while its production and precision agriculture division surged +55%, as the company expands its autonomous solutions for crop planting and harvesting.
For the full-year, Deere is expecting net income of $8.75 billion to $9.25 billion, higher than the $8 billion to $8.5 billion forecast of last quarter.