Better-than-expected sales and continued cost cutting helped Deere & Co., Moline, Ill., post an 80% increase in its second-quarter earnings, beating Wall Street expectations.
The manufacturer earned $256.9 million for the three months ended April 30, up from $141.8 million.
Revenue for the quarter grew 10% to $4.4 billion, up from $3.99 billion last year.
Deere Chairman and Chief Executive Robert Lane said sales increased in the company's three major equipment lines--construction and forestry, commercial and consumer equipment. He said favorable currency exchange rates and the effects of cost-cutting efforts within the company also aided revenues.
For the first six months of the fiscal year Deere earned $324.9 million versus $103.6 million a year ago. Revenue rose to $7.19 billion from $6.51 billion a year ago.
The company trimmed its sales growth forecast for the full year, saying it expects sales will be up 6% to 8%, slightly below earlier estimates. Deere predicts earnings for the year will remain in a range of $500 million to $600 million.
