By Dave Sebastian

 

Deere & Co. said profit and sales rose for its fiscal second quarter due to strong market conditions and broad improvement across divisions and geographies, but it expects increased supply-chain pressures for the rest of the year.

The Moline, Ill., maker of agricultural, lawn-care and construction equipment Friday posted a net income attributable to the company of $1.79 billion, compared with $666 million in the prior year. Earnings were $5.68 a share, compared with $2.11 a share in the same period last year.

Sales and revenue was $12.06 billion, up from $9.25 billion in the prior year. Analysts polled by FactSet were looking for $10.56 billion.

"While the company is clearly performing at a high level, Deere expects to see increased supply-chain pressures through the balance of the year," Chairman and Chief Executive John May said. "We are working closely with key suppliers to secure the parts and components that our customers need to deliver essential food production and infrastructure."

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

May 21, 2021 06:38 ET (10:38 GMT)

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