Investing.com - Agricultural machinery giant Deere & Company reported better-than-expected fiscal first quarter earnings on the back of strong revenue figures, it announced early Wednesday.
Deere said earnings per share came in at USD1.81 in the fiscal first quarter, easily surpassing expectations for earnings of USD1.53 per share. The firm’s first quarter revenue rose 3.1% from a year-ago to USD7.65 billion, above expectations for revenue of USD6.62 billion.
Total net sales in the period came in at USD6.95 billion, compared to expectations for sales of USD6.55 billion.
"With another record quarter, John Deere has started 2014 on a strong note," said Samuel R. Allen, chairman and chief executive officer.
The company reiterated its full-year earnings outlook, saying it expected annual net income to come in at USD3.3 billion, compared to expectations for annual net income of USD3.13 billion.
"Even in the face of moderating demand for agricultural equipment, Deere is well-positioned to deliver solid performance," said Allen.
Following the release of the report, DE shares rose 3.1% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.2% at the open, S&P 500 futures dipped 0.1%, while the Nasdaq 100 futures indicated a flat open.
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