Deere & Co, (NYSE:DE) maker of John Deere lawnmowers and tractors, beat Wall Street estimates for its fiscal third-quarter revenue and lifted its full-year earnings guidance on strong demand for its farm and construction equipment.
The company said it now expects net income in fiscal 2021 to be between $5.7 billion U.S. and $5.9 billion U.S., up from a range of $5.3 billion U.S. and $5.7 billion U.S. forecast in May.
Demand has rebounded for Deere & Co.’s farm machine and construction equipment as farmers replace their aging fleets, but pandemic-led disruptions along the supply chain have proved challenging for agricultural equipment makers.
Revenue in the company’s equipment operations rose 32.5% to $10.41 billion U.S. Total revenue jumped 29.2% to $11.53 billion U.S., above analysts’ estimates of $10.31 billion U.S., according to Refinitiv data.
Deere & Co.’s net income attributable to the company rose to $1.67 billion U.S., or $5.32 U.S. per share, in its fiscal third quarter, from $811 million U.S., or $2.57 U.S. a share, a year earlier.