The company’s CEO said:
Deere remains well-positioned to earn solid profits in today’s fragile global economy and, longer term, to benefit from major trends that we continue to believe hold great promise for the company and its customers and investors.
Net sales rose 11%, including price increases totaling 3% and a negative currency adjustment of 1%. Sales rose 18% in North America and 2% elsewhere, including a 3% currency translation effect.
Deere expects equipment sales to rise 4% in second quarter, compared with the second quarter of 2012. For the full year, the company forecasts net income of $3.3 billion. The consensus estimate for the second quarter calls for EPS of $2.74 on revenues of $9.82 billion, up about 4.4% compared with the same period a year ago. The full-year income guidance is about $0.30 less per share than the consensus estimate.
Shares of Deere are trading down fractionally in the premarket this morning, at $93.95. The 52-week range is $69.51 to $95.60. Thomson Reuters had a consensus analyst price target of around $96.25 before today’s report.
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