Strong Farm Sector Boosts John Deere Earnings

Strong Farm Sector Boosts John Deere Earnings

By Amanda Brodhagen, Farms.com

The green tractor giant – John Deere reported earnings and revenue higher than expected. Deere reported record third-quarter results, a 26 per cent rise in North and South American sales. The company attributes its success on the strength of the farm sector.

"Deere's success is a reflection of considerable strength in the farm sector, especially in North and South America," said Deere's CEO Samuel R. Allen.

Company shares gained more than 2 per cent in early hours trading on Wednesday, shortly after the announcement. Income rose 26.4 per cent to $996.5-million, or $2.56 a share, which is up from the same quarter last year - $788.0-million, or $1.98 a share.

Net sales of Deere increased 4 per cent for the third quarter.