Deere & Company (DE - Free Report) , the world’s leading manufacturer of agricultural machinery, reported fourth-quarter fiscal 2017 results, wherein earnings of $1.57 surpassed the Zacks Consensus Estimate of $1.46.

Revenue: Deere posted revenues of $7.09 billion, beating the Zacks Consensus Estimate of $6.91 billion.

Outlook: Deere projects total equipment sales to increase about 22% year over year in fiscal 2018 and to rise about 38% in the first quarter of fiscal 2018, compared with year-ago periods. The forecast includes a positive foreign-currency translation effect of about 2% for fiscal 2018 and about 3% in the first quarter. For fiscal 2018, Deere expects net sales to increase about 19% year over year and projects net income of about $2.6 billion.

Earnings Estimates Revision: The Zacks Consensus Estimate for the fourth quarter of fiscal 2017 has moved north over the past 30 days. Coming to earnings surprise history, Deere has an impressive track record. In the past 4 quarters, the company has outpaced the Zacks Consensus Estimate on all occasions, with an average beat of 55.14%.

Deere & Company Price and EPS Surprise

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Zacks Rank: Currently, Deere carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.

Market Reaction: Deere’s shares gained around 4% in pre-market trading following the release, at the time of this write-up.