CNH Industrial soars as rival Deere ups FY guidance
19/05/2023 13:41
** Milan-listed shares in CNH Industrial CNHI.MI soar over
4% after US peer Deere DE.N has raised its annual profit
guidance, a Milan-based trader says
** Deere, the world's largest farm equipment maker, now sees
net income for 2023 between $9.25-9.5 billion, up from an
earlier forecast of $8.75-9.25 billion
** The upgrade comes as the company reported a yearly rise
of 36% in Q2 net income due to higher farmers' demand for new
equipment and repair parts
** Amid a rally of European auto stocks, shares in CNH are
up 3.7% by 1238 GMT, among the best performers on Italy's
blue-chip index .FTMIB
(Reporting by Carlo Giovanni Boffa and Claudia Cristoferi)