Deere beats estimates with $997 million in Q3 income
Deere & Company outpaced the expectations of analysts with its third quarter earnings. The company made $997 million in net income, a 26% year-over-year increase.
Net sales, which experienced a 4% gain, were at $10.01 billion.
According to the company, the performance boost is largely attributed to robust sales in farm machinery and financial services, with sales and income higher than any previous third quarter period.
"John Deere is well on the road to another year of impressive performance after reporting record third-quarter results," said chairman and CEO Samuel R. Allen. "Deere's success is a reflection of considerable strength in the farm sector, especially in North and South America. We also are making further progress executing our wide-ranging operating and marketing plans, which call for expanding our global market presence while keeping a close watch on costs and assets."
The company expects full-year income to reach $3.45 billion, but according to Reuters, some analysts predict that Deere has "reached a high-water mark." Deere had lowered its outlook for 2013 revenue earlier this year, and while the new full-year expectation reverses that trajectory, the new outlook also implies a lower-than-expected fourth quarter turnout.