Deere’s shares surged 9.9% on Feb. 19 as the manufacturing company posted better-than-expected fiscal first-quarter results. The company’s new operating strategy and a 23% rise in net sales drove the earnings beat. Deere’s (DE) 1Q earnings more than doubled to $3.87 per share on a year-over-year basis and beat the Street estimates of $2.14 per share. Revenues jumped 19% to $9.1 billion and surpassed the consensus estimate of $7.21 billion. The company’s net sales from equipment operations came in at $8.1 billion, up 23% year-over-year, driven by improving conditions in the farm and construction sectors. For fiscal 2021, the company projects net income to be in a range of $4.
https://www.tipranks.com/news/deere-pops-10-as-1q-profit-more-doubles