Deere and Co (DE)

[DewDiligence]

DE +6%/PM_on_FY1Q21_results—raised_FY2021_guidance:

https://finance.yahoo.com/news/1-deere-upgrades-2021-earnings-114838803.html

Deere & Co on Friday upgraded its fiscal 2021 earnings forecast after profit more than doubled in the first quarter on improved demand for farm and construction machines and a higher adoption rate for its technology offerings [see #msg-161353722].

The Moline, Illinois-based company now expects annual net income in the range of $4.6 billion to $5.0 billion higher than$3.6 billion-$4.0 billion forecast earlier [i.e. three months ago].

… 2021 is turning out to be the strongest season in years for the U.S. farm economy as prices for corn, soybeans and wheat have rallied to their highest levels in more than six years on rising demand from China and government efforts worldwide to build food stocks during the COVID-19 pandemic.

…Worldwide sales of the company's farm machines are forecast to increase by 26%-28% year-on-year.

The stock is trading within a hair of its all-time high.