Deere grows amid optimism
2022.11.23 09:01
Deere grows amid optimism
Budrigannews.com – After the agricultural producer announced its results for the fourth quarter, which turned out to be better than expected, the company’s shares increased by almost a quarter on Wednesday. In the Deere report, analysts’ estimate was $7.12, which was $7.44.
The company also presented a very promising forecast for the year, predicting a profit of $8.25 billion more or less than $ 250 million, which exceeded the estimate of $7.81 billion. Net profitability increased by 37% to $15.54 billion, and equipment profitability increased to $14.35 billion. easily exceeding the estimate of $13.39 billion. John May, CEO of the company, said: “Deir expects another successful year in 2023, based on the positive performance of the fundamental farm, the dynamics of the fleet of cars and increased investment in infrastructure.”
Goldman Sachs analysts believe that the success of Deeri in the fourth quarter is due only to high sales. In their application for clients stated: “We maintain our share purchase rating, taking into account the accelerating introduction of precision farming, as well as the share of agricultural implements in farmers’ capital is approaching the usual level of this year after a long cycle of decline in the core fund.”
Oppenheimer analysts said that Deere “successfully completed the financial year.” In general, excellent work and impeccable management. “We will observe the production rates for the year and additional comments on the demand and price background, because last quarter expected the production rates to remain in the 4th quarter in the 1st quarter,” market analysts write.
