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Deere announces second-quarter earnings

MOLINE -- Deere and Company is seeing an increase in earnings once again as company leaders have released it's second-quarter earnings report.

The net income attributable to the company grew by more than $300 million compared to this time last year.

Deere earned $802.4 million compared to the $495.4 million earned in second-quarter of 2016, while the first six months brought in $996.2 million compared to last year's $749.8 million.

Worldwide net sales and revenues saw an increase of five percent.

“John Deere reported strong results in the second quarter as market conditions showed signs of further stabilization,” said Samuel R. Allen, chairman and chief executive officer, “We are seeing modestly higher overall demand for our products."

Allen also attributes the uptick to the execution of operating plans, the strength of a broad portfolio, and their desire to develop a more agile cost structure.

The full-year earnings forecast has increased to $2 billion, on a 9% sales gain.