Deere & Company announced net income was $802.4 million for fiscal Q2/17, up 62% compared with $495.4 million for fiscal Q2/16. For the first six months of the year, net income was $996.2 million, up 33% compared with $749.8 million last year.
Deere said worldwide net sales and revenues increased 5% to $8.287 billion, for the second quarter and increased 4% to $13.912 billion, for the first six months.
The following highlights were excerpted from the news release:
“John Deere reported strong results in the second quarter as market conditions showed signs of further stabilization,” said Samuel R. Allen, chairman and chief executive officer. “We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery. Deere’s performance also reflects the sound execution of our operating plans, the strength of a broad product portfolio, and the impact of our actions to develop a more agile cost structure. As a result, we have raised our forecast and are now calling for significantly higher earnings for the full year.”
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