Deere lifts profit outlook as farm-equipment business booms
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John Deere. raised its full-year profit forecast amid strong demand for farm equipment and the easing of supply chain woes that have dogged companies since the pandemic.
The US tractor maker lifted its outlook as it reported second-quarter profit that beat analyst estimates, citing healthy demand for farm and construction equipment and an improved operating environment. The company now expects earnings of $9.25 billion to $9.5 billion for the fiscal year that ends Oct. 31. The shares jumped as much as 6.6% in premarket trading.
