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Deere, the maker of farm machinery, just announced quarterly financial results that blew away expectations.Earnings per share jumped to $1.65 in the fiscal first quarter from $1.30 a year ago.
Analysts were looking for just $1.40.
Revenue jumped to $7.42 billion, which was a full billion dollars above expectations.
Here’s what they said about their upwardly revised outlook:
Company equipment sales are projected to be up about 6 per cent for fiscal 2013 and up about 4 per cent for the second quarter compared with the same periods of 2012. For the full year, net income attributable to Deere & Company is anticipated to be approximately $3.3 billion.
Although Deere is looking to achieve strong results in 2013, persistent global economic and fiscal concerns warrant continued caution. “We’re confident our investment in new products and additional capacity will help Deere fully capitalise on the world’s growing need for food, shelter and infrastructure in the years ahead,” Allen said. “However, the near-term outlook is being tempered by uncertainties over fiscal, economic and trade issues that are undermining business confidence and restraining growth.”