Shares of Deere & Company (NYSE:DE) are running higher in premarket trading after the company reported fiscal first-quarter profits that more than dubbed.
In the quarter ended January 29, the company posted net income of $1.96 billion, $6.55 per share, up from $903 million, $2.92 per share, for the quarter ended January 30.
Revenue increased 32.2% to $12.65 billion, easily beating the FactSet consensus of $11.34 billion, and equipment revenue came in at $11.4 billion, topping Refintiv analysts estimates of $11.28 billion.
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The Moline, Illinois-based company expects the strong results to keep rolling, raising its full-year net income forecast to a range of $8.75 billion to $9.25 billion.
Deere shares shot up around 4.4% to just over $422 at the opening bell.
The company is considered something of an economic bellwether, and CEO John May pointed to higher demand from farm and construction equipment.
“Deere’s first-quarter performance is a reflection of favorable market fundamentals and healthydemand for our equipment as well as solid execution on the part of our employees, dealers, and suppliers to get products to our customers,” May said in a statement. “We are, at the same time, benefiting from an improved operating environment, which is contributing to higher levels of production.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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