"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.
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.
