CHICAGO, Aug 21 (Reuters) – Deere & Co on Friday revised up its full-year earnings forecast after reporting a smaller-than-expected decline in quarterly profit, as replacement demand for an aging fleet and aggressive government subsidy payments helped underpin farm equipment sales.
The Moline, Illinois-based company now expects net income of about $2.25 billion for the full year, higher than $1.6 billion-$2 billion estimated earlier. For the quarter ended on Aug. 2, it reported earnings of $2.57 per share compared with $2.81 per share last year.
Analysts surveyed by Refinitiv, on average, expected earnings of $1.26 per share. (Reporting by Rajesh Kumar Singh; Editing by Alex Richardson)