Deere Q2 Profit Climbs, Tops Market View; Lifts FY21 Earnings View - Quick Facts

(RTTNews) - Machinery manufacturer Deere And Co (DE) reported Friday that its second-quarter net income attributable to the company surged 169 percent to of $1.79 billion or $5.68 per share from last year's $666 million or $2.11 per share.

On average, analysts polled by Thomson Reuters expected earnings of $4.52 per share. Analysts' estimates typically exclude special items.

Worldwide net sales and revenues increased 30 percent to $12.068 billion from $9.25 billion a year ago, reflecting strong market conditions and broad improvement across divisions and geographies.

Net sales of the equipment operations were $10.998 billion, compared with $8.224 billion last year.

Looking ahead for fiscal 2021, the company projects attributable net income to be in a range of $5.3 billion to $5.7 billion. The company previously expected net income in a range of $4.6 billion to $5.0 billion.

John May, chairman and chief executive officer, said, "While the company is clearly performing at a high level, Deere expects to see increased supply-chain pressures through the balance of the year... Despite these challenges, Deere is on track for a strong year.."