"Favorable market conditions and an improving operating environment" resulted in Deere and Company's "outstanding second-quarter results." That's what Chairman and CEO, John May, says about today's earnings report.
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Director of Public Relations for Deere, Jen Hartmann, says demand has been higher for agriculture and construction equipment. "From a profitability standpoint and just our ability to fulfill orders, we're really pointing to a lot of improvements in supply chains. So our factories are able to keep up and they're even able to pull ahead a bit. So as demand remains steady, we've been able to get that equipment into customers hands even quicker."
Second quarter income for Deere totaled nearly $2.9 billion, or $9.65 per share, up from $6.81 per share for February through April of last year.
Hartmann says, "Sales and revenue for the quarter jumped 30% percent. Net income increased 36%. And profits were significantly higher for all equipment divisions and regions. I'd say the only thing there was a bit of caution placed on is that there are some markets outside the U.S. that have started to decline a bit or are remaining flat."
John Deere has raised its full-year earnings projection to $9.25 billion-$9.5 billion. That's compared to $8.75 billion-$9.25 billion three months ago.
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