MOLINE, Ill. — Deere & Co. today reported fiscal first-quarter net income of $1.22 billion.
The company said it had net income of $3.87 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.15 per share.
The agricultural equipment manufacturer posted revenue of $9.11 billion in the period. Its adjusted revenue was $8.05 billion, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $7.12 billion.
Deere shares have risen 12% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 4%. The stock has climbed 81% in the past 12 months.