Deere raises annual profit estimates on favorable market conditions

Deere raises annual profit estimates on favorable market conditions

(Tiper Stock Exchange) – Deereone of the world’s leading manufacturers of agricultural machinery, reported a Net income of 2.860 billion dollars for the second quarter for the fiscal 2023 year (ended April 30, 2023), or $9.65 per share, compared with net income of $2.098 billion, or $6.81 per share, for the quarter ended May 1, 2022. Analyst estimates were for earnings per share of $8.59.

The net sales and revenues worldwide they increased by 30% to 17.387 billion dollars. Net sales were $16.079 billion for the quarter, compared to $12.034 billion last year.

“As demonstrated by the Company’s outstanding second quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment – said the CEO John May – While supply chain constraints continue to be a challenge, we are seeing further improvements.”

Deere predicts that theNet income attributable fiscal year 2023 will be $9.25 billion to $9.50 billion, higher than the previously forecast $8.75 billion to $9.25 billion range.

“Based on Deere’s results to date, it is clear that we are well on our way to another year of outstanding results This is largely due to the success of our smart industrial operating model and our ability to deliver value to our customers by helping them to be more profitable, productive and sustainable.”

(Photo: Photo by Loren King on Unsplash)