- 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.
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