Deere & Co. on Friday reported fiscal second-quarter profit of $666 million.
On a per-share basis, the Moline, Illinois-based company said it had profit of $2.11.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.77 per share.
The agricultural equipment manufacturer posted revenue of $9.25 billion in the period. Its adjusted revenue was $8.22 billion, also beating Street forecasts. Four analysts surveyed by Zacks expected $7.59 billion.
In a news release, the company said, “Deere continues to produce and ship machinery and repair parts to meet demand,” but added: “Responding to this demand in the face of the pandemic has been a challenge as a result of various regulatory, economic, and other barriers that have affected production facilities and the supply chain.”
Deere shares have fallen 18% since the beginning of the year, while the Standard & Poor's 500 index has fallen nearly 9%. The stock has risen roughly 3% in the last 12 months.