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Deere & Company DE reported Q4 net sales of $11.33 billion, 16% Y/Y, edging out analysts' average expectation of $10.44 billion. Equipment Operations net sales improved 19% to $10.28 billion, and the Equipment-division operating margin was 13.6%.
- Sales by segments: Production & Precision Agriculture $4.66 billion (+23% Y/Y), Small Agriculture & Turf $2.81 billion (+17% Y/Y), and Construction & Forestry $2.81 billion (+14% Y/Y).
- The Company EPS of $4.12, up from $2.39 posted a year ago, beating the consensus of $3.90.
- FY22 Outlook: Deere expects a net income of $6.5 billion - $7.0 billion.
- For Production & Precision Ag, the Company expects sales to grow by 20% - 25%, Small Ag & Turf sales to expand by 15% - 20%, and sees Construction & Forestry segment increase by 10 - 15%.
- Deere expects supply-chain pressures to continue to pose challenges.
- Strike Update: A month-long strike by workers at Deere ended just yesterday, with Deere agreeing to an increase in base production pay, bonuses, and improvements in pension funding for the workers.
- Price Action: DE shares are up 3.07% at $360 during the premarket session on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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