Deere Posts Higher 2Q Results, Expects Increased Supply-Chain Pressures
May 21 2021 - 5:53AM
Dow Jones News
By Dave Sebastian
Deere & Co. said profit and sales rose for its fiscal second
quarter due to strong market conditions and broad improvement
across divisions and geographies, but it expects increased
supply-chain pressures for the rest of the year.
The Moline, Ill., maker of agricultural, lawn-care and
construction equipment Friday posted a net income attributable to
the company of $1.79 billion, compared with $666 million in the
prior year. Earnings were $5.68 a share, compared with $2.11 a
share in the same period last year.
Sales and revenue was $12.06 billion, up from $9.25 billion in
the prior year. Analysts polled by FactSet were looking for $10.56
billion.
"While the company is clearly performing at a high level, Deere
expects to see increased supply-chain pressures through the balance
of the year," Chairman and Chief Executive John May said. "We are
working closely with key suppliers to secure the parts and
components that our customers need to deliver essential food
production and infrastructure."
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
May 21, 2021 06:38 ET (10:38 GMT)
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