Green Machine is back, Deere posts a big 1Q and ups outlook

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Analysts on average were expecting earnings of $1.68 cents per share on revenue $7.32 billion, according to Thomson Reuters.

Fiscal-year 2017 net income attributable to Deere & Company for the financial services operations is expected to be approximately $475 million. Total equipment sales for the quarter rose 2.2% to $7.26 billion.

Looking ahead, DE forecast Q3 revenues to rise 18% to about $6.92 billion, well ahead of Wall Street's $6.24 billion outlook.

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The firm was less optimistic about gains in U.S. and Canada, citing low crop prices that are depressing demand for agriculture equipment.

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.

Deere now expects fiscal 2017 net income attributable to the company to be about $2-billion, up from $1.5-billion previously.

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"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".

Shares of Deere traded up 5.5% at $118.81 in the premarket Friday morning, a new 52-week high if it holds after the bell.

The company also raised it full-year sales forecast for farm equipment in the USA and Canada.

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Deere shares have increased slightly more than 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 6 percent.

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