A very good second quarter for Deere and Company. The company is reporting sales of $10 billion and earnings of $1.1 billion or $2.61 per share for the quarter up 23 percent from a year ago. That compares to earnings of $904 million or $2.12 per share for the same quarter last year.
For the first six months of the fiscal year, Deere reports net income of $1.589 billion compared to $1.418 billion a year ago. Analysts say record farm income last year and a big corn crop being planted this year are the reasons behind the strong numbers.
The company says equipment sales in the U.S. and Canada increased 18 percent for the quarter and 13 percent year-to-date. Net sales outside the U.S. and Canada have increased 6 percent for the quarter and 12 percent for six months.
As a reflection of the quarterly numbers, Deere raised its earnings prediction for the year to $3.3 billion.
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