Deere +9.2% after boosting outlook

|By:, SA News Editor

Net income of $802.4M, or $2.49 per share vs. $495.4M, or $1.56 per share in the same quarter a year ago.

Worldwide net sales increased 5% Y/Y to $8.287B. Segment Sales: Agriculture & Turf. +1%; Construction & Forestry +7%.

"We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery," CEO Samuel Allen declared.

Updated outlook for fiscal 2017: Equipment sales and net sales are projected to increase about 9% (vs. an increase of 4%), while net income is anticipated to be about $2B (vs. $1.5B).

DE +9.2% premarket

FQ2 results

Also moving: CNH Industrial (NYSE:CNHI) +4.6% and Caterpillar (NYSE:CAT) +1.8% on the positive outlook, while AGCO, Lindsay (NYSE:LNN) and Toro (NYSE:TTC) are on watch.