(Finance) – Deereone of the world’s leading agricultural machinery companies, has registered a Net income of $ 2.098 billion in the second quarter of fiscal year 2022 (ended May 1, 2022), or $ 6.81 per sharecompared to net income of $ 1.790 billion, or $ 5.68 per share, for the quarter ended May 2, 2021. net sales and revenues increased 11% to $ 13.370 billion. The company beat market expectations on earnings per share by 10 cents, while revenues were below forecasts.
“Deere’s performance in the second quarter reflects continued strong demand, despite the supply chain pressures affecting production levels and delivery schedules“said John C. May, president
and CEO.
The company expects thenet profit for fiscal year 2022 is between $ 7.0 billion and $ 7.4 billion, including a net gain of $ 220 million from special items in the second quarter of 2022. upward revision compared to the previous estimate of $ 6.7-7.1 billion.
“Looking ahead, we believe the agricultural machinery demand will continue to benefit from the positive fundamentalsdespite the availability problems and inflationary pressures affecting our customers’ input costs, ”added May.
(Photo: Joao Marcelo on Unsplash)