Deere Q3 Profit Tops Estimates; Lifts FY Profit View

Deere & Co. (DE) reported that its third-quarter net income climbed to $1.667 billion or $5.32 per share, from $811 million or $2.57 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $4.57 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide net sales and revenues increased 29 percent year-over-year to $11.53 billion. Analysts expected revenues of $10.30 billion for the quarter.

The company said it raised its full-year earnings forecast, reflecting robust market conditions.

The company now projects net income attributable to the company for fiscal 2021 to be in a range of $5.7 billion to $5.9 billion, compared to the prior outlook of $5.3 billion to $5.7 billion.

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