Deere & Co raised its annual profit forecast on Friday after beating Wall Street estimates for the latest quarter on higher revenue for its high-horsepower tractors and an increase in spending from construction customers.
The Moline, Illinois-based company's equipment sales rose 34%, while its production and precision agriculture division saw the most growth, with quarterly sales increasing 55% from the year prior, as the company expands its product portfolio in autonomous solutions for crop planting and harvesting.
"Our dealers are also optimistic about the level of adoption and demand for precision solutions as customers look to reduce expensive inputs, which improve profitability and sustainability," said Joshua Jepsen, Deere's chief financial officer. Deere's equipment revenue for the quarter came in at $11.4 billion, topping Refinitiv analysts' estimates of $11.28 billion.
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