Deere shares are up about 3% in premarket trading after the machinery maker's quarterly profit topped expectations despite continued weakness in its large farm equipment business.
The company got back $110 million in tariff refunds during the quarter that ended Aug. 2. Analysts estimated they contributed about 30 cents to the company's $5.10 earnings per share. Wall Street had expected $4.69 a share, according to FactSet.
Sales of large farm tractors, crop harvesters and other farm production equipment slipped 6% from a year earlier. Operating profit from the large agricultural equipment business fell by 9%. Sales of Deere's construction and forestry equipment rose by 18%, and profit increased by 84% from a year earlier.
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