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Deere raises forecast as profit more than doubles on equipment demand

5/21/2021 By Rajesh Kumar Singh and Shreyasee Raj May 21 (Reuters) - Deere & Co on Friday raised its full-year earnings forecast after a 169% surge in quarterly profit, as a recovering global economy boosts demand for farm machine and construction equipment. The world’s largest farm equipment manufacturer, however, expects supply-chain pressures to intensify in the remainder of the year. The Illinois-based company is not alone. Rising demand coupled with COVID-19 disruptions has caused capacity constraints all along the supply chain, leaving manufacturers short of the steel, plastics, microchips, and tires they need for their products. Chief Executive Officer John May said Deere is working closely with key suppliers to secure the parts and components.

UPDATE 4-Deere raises forecast as profit more than doubles on equipment demand

UPDATE 4-Deere raises forecast as profit more than doubles on equipment demand Reuters 2 hrs ago (Updates share price) By Rajesh Kumar Singh and Shreyasee Raj May 21 (Reuters) - Deere & Co on Friday raised its full-year earnings forecast after a 169% surge in quarterly profit, as a recovering global economy boosts demand for farm machine and construction equipment. The world s largest farm equipment manufacturer, however, expects supply-chain pressures to intensify in the remainder of the year. The Illinois-based company is not alone. Rising demand coupled with COVID-19 disruptions has caused capacity constraints all along the supply chain, leaving manufacturers short of the steel, plastics, microchips and tires they need for their products.

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