Deere says the global farming recession may be coming to an end (DE)

pulse

February 17, 2017 12:57 PM

"We are seeing signs that after several years of steep declines key agricultural markets may be stabilizing," said Deere and Company CEO Samuel Allen.

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Deere and Company reported stronger than expected first-quarter earnings on Friday, and the company offered hope for the future.

The farming equipment maker reported quarterly earnings of $0.61 versus analysts' expectations $0.55 per share. The company also said sales came in at $4.70 billion for the quarter, above the $4.63 billion projected by analysts.

In addition to the strong results, Deere CEO Samuel Allen said that the farming sector that has been hurting the company was finally bouncing back.

With declining agricultural prices leading to weaker equipment sales, Deere has been sounding the alarm on a " rel="noFollow"global farming recession" over the past few quarters as an explanation of declining results. The worst of this farming recession, according to Allen, may be over.