The farm equipment maker now expects net income in fiscal 2021 to be between $5.7 billion and $5.9 billion, up from a range of $5.3 billion and $5.7 billion forecast in May.
“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from favorable fundamentals,” Deere (NYSE:DE) Chief Executive Officer John May said.
Demand has rebounded for farm machine and construction equipment as farmers replace their aging fleets, but pandemic-led disruptions along the supply chain have proved challenging for agricultural equipment makers.
Revenue in the company’s equipment operations rose 32.5% to $10.41 billion. Total revenue jumped 29.2% to $11.53 billion, above analysts’ estimates of $10.31 billion, according to Refinitiv data.
Net income attributable to the company rose to $1.67 billion, or $5.32 per share, in the third quarter, from $811 million, or $2.57 per share, a year earlier.