Tajuk : Deere beats across the board and raises its profit forecast
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Deere beats across the board and raises its profit forecast
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Deere & Company reported second-quarter earning that were ahead of Wall Street expectations while raising its profit forecast.
The farming-equipment maker reported earnings $2.49 a share, easily beating the $1.68 that was expected by the Bloomberg consensus. Revenue came in at $8.29 billion, topping the $7.27 that analysts were anticipating.
“John Deere reported strong results in the second quarter as market conditions showed signs of further stabilization,” Chairman and CEO Samuel R. Allen said in the earnings release. “We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery.
In addition to beating on both the top and bottom lines, Deere raised its 2017 profit forecast. The company now expects sales to rise 9% through October, up from its earlier estimate of about a 4% increase. Deere sees net income of about $2 billion, up from its previous estimate of around $1.5 billion.
The strong results are further evidence Deere is seeing further stabilization in the industry. The company has been sounding the alarm on a “global farming recession” which has weighed on results over the past several quarters.
In last quarter’s release, Allen noted that the worst of that recession may be over.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
✍ Sumber Pautan : ☕ Business InsiderBusiness Insider
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David McNew/Getty Images
Deere & Company reported second-quarter earning that were ahead of Wall Street expectations while raising its profit forecast.
The farming-equipment maker reported earnings $2.49 a share, easily beating the $1.68 that was expected by the Bloomberg consensus. Revenue came in at $8.29 billion, topping the $7.27 that analysts were anticipating.
“John Deere reported strong results in the second quarter as market conditions showed signs of further stabilization,” Chairman and CEO Samuel R. Allen said in the earnings release. “We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery.
In addition to beating on both the top and bottom lines, Deere raised its 2017 profit forecast. The company now expects sales to rise 9% through October, up from its earlier estimate of about a 4% increase. Deere sees net income of about $2 billion, up from its previous estimate of around $1.5 billion.
The strong results are further evidence Deere is seeing further stabilization in the industry. The company has been sounding the alarm on a “global farming recession” which has weighed on results over the past several quarters.
In last quarter’s release, Allen noted that the worst of that recession may be over.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
✍ Sumber Pautan : ☕ Business InsiderBusiness Insider
Kredit kepada pemilik laman asal dan sekira berminat untuk meneruskan bacaan sila klik link atau copy paste ke web server : http://ift.tt/2rySvSO
(✿◠‿◠)✌ Mukah Pages : Pautan Viral Media Sensasi Tanpa Henti. Memuat-naik beraneka jenis artikel menarik setiap detik tanpa henti dari pelbagai sumber. Selamat membaca dan jangan lupa untuk 👍 Like & 💕 Share di media sosial anda!
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