Deere-price and profit growth
2022.11.23 07:35
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Deere-price and profit growth
Budrigannews.com – On Wednesday, Deere & Co. reported a profit for the third quarter that was higher than anticipated due to robust sales that were sped up by price increases for its agricultural and construction equipment. The company also predicted higher net income for the following year.
In pre-market trade, the largest farm equipment company in the world’s shares rose 4.4%.
Refinitiv reports that the company’s net income increased 75% to $2.25 billion, or $7.44 per share, exceeding the consensus forecast of $7.11 per share.
The machinery giant’s profit margins improved as farmers purchased new equipment or parts to upgrade their fleets as a result of higher grain and soybean prices.
To $15.54 billion, total net sales and revenue increased 37%.Refinitiv reports that net sales increased to $14.35 billion, exceeding estimates of $13.39 billion.
In addition to higher sales, the industrial bellwether anticipates a net income of $8.0 billion to $8.5 billion for the fiscal year 2023.
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