Deere shares jump 7% after earnings beat

John Deere equipment is on display at the Farm Progress Show in Decatur Ill. Deere & Co. reports earnings Friday

John Deere equipment is on display at the Farm Progress Show in Decatur Ill. Deere & Co. reports earnings Friday

Shares of Deere & Co. surged 6.5% in premarket trade Friday after the agriculture and construction machinery company reported fiscal second-quarter results that were well above expectations and provided an upbeat outlook.

The company doubled its profit forecast for the year and investors took note, sending the stock to a record high. Analysts had forecast earnings of $1.68 with $7.32 billion of equipment sales.

Deere's worldwide sales of construction and forestry equipment are forecast to be up about 13 percent for 2017, with no material currency-translation impact. Outside the USA and Canada, net sales increased 14 percent and were particularly strong in South America.

Deere earned $802.4 million compared to the $495.4 million earned in second-quarter of 2016, while the first six months brought in $996.2 million compared to last year's $749.8 million. Outside the US and Canada, equipment net sales increased 14 percent for the quarter and 13 percent for the first six months.

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Analysts polled by FacSet had a consensus estimate of $1.63 a share on revenue of $7.25 billion. ( DE ) said that it expects net sales and revenues to increase about 9 percent for fiscal 2017 with net income attributable to Deere & Company of about $2.0 billion.

The agricultural equipment manufacturer posted revenue of $8.29 billion in the period. The company had revenue of $7.1 billion in the same period a year ago.

This story was generated in part by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.

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