By Matt Grossman

 

Deere & Co. raised its full-year earnings guidance Friday, citing strong market conditions.

The Moline, Ill.-based maker of farm and construction equipment said it now expects earnings of $5.7 billion to $5.9 billion this year. In May, the company had forecast earnings of $5.3 billion to $5.7 billion.

"We expect demand for farm and construction equipment to continue benefiting from favorable fundamentals," Chairman and Chief Executive John C. May said.

Sales of production and precision agricultural equipment will likely rise by 25% to 30% this year, Deere said. Small agricultural and turf sales will be up about 25%, the company forecast. Construction and forestry sales will rise by about 30%, it estimated.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

August 20, 2021 06:48 ET (10:48 GMT)

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