Deere & Co. (DE) on Friday reported fiscal third-quarter earnings of $2.98 billion.
The Moline-based company said it had profit of $10.20 on a per-share basis.
“Reflected by our strong third-quarter results, Deere continues to benefit from favorable market conditions and an operating environment showing further improvement,” John C. May, chairman and chief executive officer, said in a news release. “We are also being helped by stabilizing conditions in the supply chain, the sound execution of our business plans, and an improving ability to meet demand for our products and serve customers.”
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $8.14 per share.
The agricultural equipment manufacturer posted revenue of $15.8 billion in the period. Its adjusted revenue was $14.28 billion, which also beat Wall Street forecasts. Nine analysts surveyed by Zacks expected $14.23 billion.