MOLINE, Ill. (AP) – Solid sales in construction equipment offset a global agricultural slowdown for Deere and the company raised its outlook for the year.
Deere reported second-quarter earnings of $690.5 million, down from the $981 million last year, but better than Wall Street had expected.
Shares rose before the opening bell Friday.
The Moline, Illinois, company posted net income of $2.03 per share, which easily beat the per-share earnings of $1.57 that analysts were looking for, according to a survey by Zacks Investment Research.
The equipment manufacturer posted revenue of $7.4 billion in the period, just short of analyst projections.