Deere & Co. reported fiscal second-quarter net income of $2.86 billion on Friday.
The Moline-based company said it had net income of $9.65 per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $8.57 per share.
“As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” Deere chairman and chief executive officer John C. May said in a news release. “We also are being helped by the sound execution of our business plans by our employees, dealers, and suppliers. They are doing an exceptional job meeting demand for our products and serving customers. Though supply-chain constraints continue to present a challenge, we are seeing further improvement.”
The agricultural equipment manufacturer posted revenue of $17.39 billion in the period.
Its adjusted revenue was $16.08 billion, also exceeding Wall Street forecasts. Ten analysts surveyed by Zacks expected $14.84 billion.