Deere & Company (NYSE:DE) shares jumped more than 3 percent in the pre-market session on Friday after the company posted its quarterly earnings above consensus forecast and also lifted its equipment sales guidance for fiscal 2017.
The U.S. farm equipment maker is now anticipating equipment sales to surge 4 percent in fiscal 2017, as compared to its earlier forecast of a drop of 1 percent. It also increased its net income outlook for full-year. Deere is now expecting earnings of $1.5 billion for the full year, as compared to its earlier projection of $1.4 billion.
The company reported earnings of $193.8 million, or 61 cents a share for the three-month period ended Jan. 29, as compared to $254.4 million, or 80 cents a share in the same period last year. Revenue in the first quarter fell nearly 1.5 percent to $4.70 billion.
Analysts surveyed by Thomson Reuters were looking for earnings of 55 cents per share on $4.69 billion in revenue.
Deere (DE) shares have jumped about 6 percent so far this year and nearly 40 percent over the past year. The 52-week range of the stock is $74.91-$112.18. The company’s market cap is $34.79 billion and P/E ratio of 22.68.