The company reported equipment revenue of $10.9 billion and earnings of $6.23 per share compared to the consensus estimates of $10.4 billion and $5.21, respectively.
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Deere’s shares surged 9.9% on Feb. 19 as the manufacturing company posted better-than-expected fiscal first-quarter results. The company’s new operating strategy and a 23% rise in net sales drove the earnings beat. Deere’s (DE) 1Q earnings more than doubled to $3.87 per share on a year-over-year basis and beat the Street estimates of $2.14 per share. Revenues jumped 19% to $9.1 billion and surpassed the consensus estimate of $7.21 billion. The company’s net sales from equipment operations came in at $8.1 billion, up 23% year-over-year, driven by improving conditions in the farm and construction sectors. For fiscal 2021, the company projects net income to be in a range of $4.6 billion to $5 billion. (See Deere stock analysis on TipRanks) Deere CEO John C. May commented, “As our recent performance shows, these steps are leading to improved efficiencies and helping the company target its resources and investments on areas that have the greatest impact.&#