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Deere Q2 earnings: ‘ag space will be a growth story for a long time’

Shares of Deere & Company (NYSE: DE) are trading up this morning after the equipment maker reported its financial results for the second quarter that handily topped Street estimates.

Deere stock up on raised guidance

Investors are cheering also because the industrial giant cited “healthy demand” and raised its guidance for the full-year net income as well.

Deere is now calling for its net income to fall in the range of $9.25 billion to $9.50 billion. On CNBC’s “The Exchange”, Boris Schlossberg of BK Asset Management said:

I do [like the stock]. They’re leader in the agriculture space. Agriculture will be a growth story for a very long time. Most importantly, operationally they are doing very well.

Wall Street also currently has an “overweight” rating on this industrial stock.

Deere Q2 earnings snapshot

Net income printed at $2.86 billion versus the year-ago $2.10 billion

Per-share earnings also climbed significantly from $6.81 to $9.65

Sales went up 30% to $17.39 billion as per the earnings press release

FactSet consensus was $8.58 a share on $14.89 billion in revenue

Cost of sales increased about 20% versus the same quarter last year

Sales from individual business segments

Sales from all three segments: Production & Precision Agriculture, Small Agriculture and Turf, Construction & Forestry were well above last year and ahead of expectations. Schlossberg added:

They’re putting so much value added to their products via software, via AI, which I think will be a very powerful thing going forward. They’ll collect a lot more high margin revenue.

Versus its year-to-date high, Deere stock is down about 15% at writing. Deere had raised guidance in February as well when it published its Q1 results as Invezz reported here.

The post Deere Q2 earnings: ‘ag space will be a growth story for a long time’ appeared first on Invezz.

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