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Deere & Co. Ups Estimates

Deere & Co. expects a revenue boost from South America.

Deere & Co. (DE) - Get Deere & Company Report expects to have a stronger quarter than previously thought, forecasting higher than expected quarterly profits and equipment sales, partly driven by improving economies in Brazil and Argentina. The farming equipment maker expects sales to rise 4% in fiscal 2017, yielding net income of $1.5 billion, up from its previous estimate of $1.4 billion. The company said that sales in South America should increase between 15% and 20%, up from its original 15% estimate. If it is able to achieve its sales goals, 2017 would be the first time in three years that the company has seen an increase in revenue. After rising more than 3% in morning trading on the news, Deere was down 0.5% in afternoon trading on Friday.

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