John Deere tractor is on display at the Husker Harvest Days farm show in Grand Island, Neb. Deere & Co. reports earns on Thursday.Deere & Co on Friday reported an unexpected increase in first-quarter profit and retained its full-year earnings forecast as signs of stabilization in the U.S. farm sector offset weak demand for construction machines, sending its shares soaring.
That compares with the average analyst estimate of $1.26 per share, according to Refinitiv Eikon data.The Moline, Illinois-based company said it still expects net income in 2020 to be in the range of $2.7 billion to $3.1 billion. Deere’s earnings in the past quarters were buffeted by a nearly two-year-long U.S.-China trade war that hit U.S. agricultural exports, leaving farmers struggling to turn a profit.
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