Deere & Co (NYSE:DE) shares are moving higher in pre-market Friday after the company reported stronger-than-expected results for its fiscal second quarter.
Deere reported a profit per share of $9.65 on revenue of $17.39 billion, crushing the consensus for earnings of $8.53 per share on revenue of $14.86B.
DE stock is up 6.6% in pre-market Friday.
“As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” said John C. May, chairman and chief executive officer.
“Based on Deere’s results to date, it’s clear we are well on our way to another year of exceptional achievement. This is due in no small part to the success of our smart industrial operating model and our ability to provide value to our customers by helping them be more profitable, productive, and sustainable.”
As a result, the company raised its net income forecast for the full year to $9.25-9.5B, up from the prior forecast of $8.75-9.25B.