Deere stock boosted by quarterly sales beat

Shares in construction equipment maker Deere & Co were boosted on Wednesday after the company posted an impressive earnings beat in its quarterly report.

Fourth quarter expectations for Deere were easily exceeded, despite a fall in income when compared with the same period last year.

Net income attributable to Deere dropped to $285.3m, or 90 cents a share, in the fourth quarter ended in October from $351.2 million, or $1.08 a share from last year.

Analysts had average estimates of $119.62m for 40 cents a share.

Deere also forecast its total sales and revenue for fiscal year 2017 to be lower than 2016, by around 1%.

"The company in 2016 had one of its ten-best years in both sales and earnings, a noteworthy achievement in light of the difficult business climate," Samuel Allen, chief executive of the company in the earnings report.

"Deere's performance benefited from the adept execution of its operating plans and disciplined cost management as well as the impact of a broad product portfolio."

Deere's share price had risen by 9.81% as of 10:19am EST, taking it to its highest level in more than 15 months.