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Deere & Co reports an over 100% growth in its Q1 net income

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Deere & Co. (NYSE: DE) published its earnings report for the fiscal first quarter on Friday that blew past Wall Street estimates for profit and revenue. The company attributed its hawkish performance to the farm and construction sectors that it said showed signs of improvement in recent months. Deere also gave upbeat guidance for the full year on Friday.

Deere shares closed more than 2.5% up in the stock market on Friday. The manufacturer now has a per-share price of £235.76 versus £79.35 per share in March 2020. If you want to invest in the stock market, you’ll need a reliable stockbroker – here’s a list of the top few to make selection easier for you.

Deere’s Q1 financial results versus analysts’ estimates

Deere said that its net income in the quarter that concluded on 31st January jumped over 100% to £870 million that translates to £2.76 per share. In the comparable quarter of last year, its net income stood at a much lower £369.11 million or £1.16 per share.

The Moline-based company valued its revenue in Q1 at £6.50 billion that represents a 19% annualised growth from £5.45 billion last year. According to FactSet, experts had forecast the company to report £5.15 billion of revenue in the recent quarter. Their estimate for per-share earnings was capped at a lower £1.54.

In separate news from the U.S., Planet Fitness also reported its quarterly financial results earlier this week.

Other prominent figures in Deere’s earnings report

Deere recorded £2.19 billion of production and precision agriculture sales in the first quarter – a 22% year over year increase. Small agriculture and turf sales registered at £1.80 billion, or 27% higher than last year. Lastly, constructions and forestry sales, as per the U.S. company, climbed by 21% in the recent quarter to £1.76 billion.

FactSet Consensus for agriculture and turf sales, and construction and forestry sales, stood at £3.66 billion and £1.52 billion, respectively. For fiscal 2021, Deere now forecasts up to £7.85 billion of constructions and forestry sales, up to £11.78 billion of production and precision agriculture sales, and up to £8.21 billion of small agriculture and turf sales.

Deere & Co performed largely upbeat in the stock market last year with an annual gain of more than 50%. At the time of writing, it is valued at about £74 billion and has a price to earnings ratio of 37.98.

The post Deere & Co reports an over 100% growth in its Q1 net income appeared first on Invezz.

Source: INVEZZ

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