Published - August 18th, 2023 @ 2:22 PM (GMT+2)
Deere & Co.(NYSE:DE), the renowned agricultural machinery producer, has recently revised its annual profit outlook upwards, reflecting the company's confidence in the current market conditions. This decision comes from strong demand for large tractors and other agricultural equipment.
Revised Profit Outlook:
In a recent announcement, Deere & Co. stated that they now expect their annual net income to fall between $9.75 billion and $10.00 billion. This is a significant increase from their previous forecast, which ranged from $9.25 billion to $9.50 billion. Such an upward revision indicates the company's robust performance and positive outlook for the year.
Q3 Performance:
The company's third-quarter results further solidify this optimistic stance. Deere reported an earnings per share (EPS) of $10.20, notably surpassing the analyst estimate of $8.20. Furthermore, their revenue for the quarter was reported at $15.8 billion, outperforming the consensus estimate of $14.12 billion.
John C. May, the Chairman and Chief Executive Officer of Deere & Co., commented on the company's impressive performance.
He mentioned, "Deere continues to benefit from favorable market conditions and an operating environment showing further improvement."
He highlighted the company's ability to adapt and thrive: "Stabilizing conditions are also helping us in the supply chain, the sound execution of our business plans, and an improving ability to meet the demand for our products and serve customers."
Stock Movement:
After these announcements, Deere's stock witnessed a positive movement, rising 1.6% in early Friday trade. This upward trajectory in stock price further underscores the market's positive reception of Deere's performance and its prospects.
The information on mexem.com is for general informational purposes only. It should not be regarded as investment advice. Investing in stocks involves risk. A stock's past performance is not a reliable indicator of its future performance. Always consult a financial advisor or trusted sources before making any investment decisions.
