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The equipment maker raised its full-year net income forecast to $4.75 billion–$5 billion after its construction and forestry segment posted an 84% jump in operating profit
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Deere $DE & Company reported third-quarter net income of $1.379 billion on Thursday, marking the company's first profit gain on a year-over-year basis in roughly three years, with strength in construction equipment demand making up for an ongoing weakness in large farm machinery.
Earnings came in at $5.10 per diluted share for the three months ended Aug. 2, up from $4.75 per share in the same quarter a year ago. Total net sales and revenues rose 5% to $12.61 billion, with net sales of $10.999 billion compared with $10.357 billion a year earlier.
