Deere Clocks Over 100% Jump In Q4 Profits On Strong Demand, Lifts 2023 Guidance

  • Deere & Company DE reported fiscal first-quarter earnings of $6.55 a share from sales of $12.65 billion (+32% Y/Y), beating the Wall Street estimate of $5.56 from sales of $11.28 billion.
  • Net income more than doubled from $903 million to $1.959 billion.
  • "Deere's Q1 performance is a reflection of favorable market fundamentals and healthy demand for our equipment," said John May, Chairman & CEO.
  • Related: Deere Announces Agreement Allowing Farmers' Independent Repair Shops Repair High-Tech Tractors.
  • Deere raised its forecast for the fiscal year 2023 after posting an increase in quarterly profit on robust demand for its high-horsepower tractors and an uptick in spending from construction customers. 
  • The company's net income forecast increased from $8.75 billion to $9.25 billion. In November, the company forecasted an income of $8-$8.5 billion.
  • "Deere is looking forward to another strong year on the basis of positive fundamentals, low machine inventories, and a continuation of solid execution," May said.
  • Price Action: DE shares are up 3.36% at $416.50 during the premarket session on the last check Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!