Oh Boy, Farm Equipment Maker Deere Just Smashed Earnings, And Hiked Its Outlook

That old cliche about making money by selling the picks and the pans in a gold rush applies once again.

Deere, the farm equipment maker, just killed it on earnings.

EPS of $1.20 was well ahead of $.99 estimates.

Net sales of $6.1 billion was ahead of the estimates of $5.7 billion.

And the outlook is pretty pretty as well. Q2 earnings growth is expected at 20-25% compared to previous estimate of 15%.

Says CEO Samuel Allen: ”┬áSales of large farm machinery, particularly in the United States and Canada, are continuing to make a major impact, while construction equipment shipments are experiencing some degree of recovery, Allen noted. “Our record first-quarter performance is especially gratifying in light of market conditions that remain below normal levels in certain key sectors.”

For more reasons people are going crazy for farmland, see here >

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