Deere & Company (NYSE:DE) traded strong to begin Friday trading, on second quarter numbers.
The farm equipment company out of Moline, Illinois reported net income of $665.8 million for the quarter, or $2.11 per share, compared with net income of $1.135 billion, or $3.52 per share, for the prior-year quarter.
For the first six months of the year, net income attributable to Deere & Company was $1.182 billion, or $3.73 per share, compared with $1.633 billion, or $5.07 per share, for the same period last year.
Worldwide net sales and revenues decreased 18%, to $9.253 billion, for the second quarter of 2020 and decreased 13%, to $16.884 billion, for six months. Net sales of the equipment operations were $8.224 billion for the quarter and $14.754 billion for six months, compared with $10.273 billion and $17.214 billion last year.
Net income attributable to DE is forecast to be in a range of $1.6 billion to $2 billion for the full year. However, DE adds, many uncertainties remain regarding the effects of the pandemic that could negatively affect the company's results and financial position in the future.
According to CEO John May, "John Deere's foremost priority in confronting the coronavirus crisis has been to safeguard the health and well-being of employees while fulfilling its obligation as an essential business serving customers throughout the world,"
"We've had good success in these areas thanks to the proactive measures we have taken to keep employees safe and our production facilities and parts distribution centers operational. At the same time, the company has reached out to our local communities to help those in need as a result of the pandemic.”
DE shares gathered $3.91, or 2.7%, to $146.72.
