(Tiper Stock Exchange) – Deere & Co announced higher-than-expected earnings and revised upwards the earnings outlook for next year. Net income increased 75% to $2.25 billion, or $7.44 per share, which beat the consensus of $7.11 per share.
“Deere looks forward to another strong year in 2023,” said CEO John May, anticipating $8.8.5 billion in profit next year and growing sales.
Farm equipment sales surged as higher margins offered by wheat and soybeans prompted farmers to renew fleets, reversing a previous quarter’s downturn when the company felt the impact shortages from the supply chain
Total net revenues increased 37% to $15.54 billion, while equipment sales climbed to $14.35 billion, topping estimates by $13.39 billion.
(Photo: Joao Marcelo on Unsplash)