Deere & Company (NYSE:DE) reported that second-quarter earnings jumped 17% to $1.06 billion, compared to $904 million during the same period last year. Guidance for the current fiscal quarter was also increased.
The company posted EPS of $2.61, up from $2.12 in 2011, and easily beating analysts who had estimated earnings of $2.53 a share, Forbes noted.
Still, Deere shares were off more than 1% in Wednesday morning trading.
Overall revenue rose to $10.01 billion, up 12% from $8.9 billion last year. Sales of agricultural equipment increased 11% to $7.74 billion during the quarter, driving by rising North American sales, which jumped 18% while international sales rose just 6%.
Construction and forestry equipment sales soared 26% over the prior year to $1.67 billion, while the company’s financial services unit posted revenue of $109.2 million, up 3.9% from 2011.
Deer also said it expected sales for the current fiscal quarter to increase 25% to $9.65 billion, beating analysts’ forecast of $9.11 billion.
The company increased its outlook for the rest of the fiscal year, predicting an annual profit of $3.35 billion, up from earlier estimates of $3.28 billion and exceeding analysts’ prediction of $3.24 billion.