Deere Raises Full-Year Earnings Forecast
May 21 2021 - 7:05AM
Dow Jones News
By Dave Sebastian
Deere & Co. said it has raised its full-year earnings
forecast to $5.3 billion to $5.7 billion from its prior guidance of
$4.6 billion to $5 billion, though it sees increased supply-chain
pressures for the rest of the year.
"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 Friday.
"We are working closely with key suppliers to secure the parts and
components that our customers need to deliver essential food
production and infrastructure."
The Moline, Ill., maker of agricultural, lawn-care and
construction equipment said it expects production and precision
agriculture sales to rise 25% to 30% in 2021. It expects sales in
its small agriculture and turf segment to rise 20% to 25%, and
sales in construction and forestry sales to rise 25% to 30%.
It expects financial-services income of $800 million, which the
company said is expected to include a benefit from improvement on
operating-lease residual values, income earned on a higher average
portfolio, a lower provision for credit losses and more favorable
financing spreads.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
May 21, 2021 06:50 ET (10:50 GMT)
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