Key points:
- Deere & Company reported earnings before the bell Friday
- Earnings missed estimates but revenue topped expectations
- Deere shares fell more than 5% premarket
Deere & Company reported earnings Friday, missing earnings estimates but topping revenue expectations, sending its shares more than 5% lower premarket.
Deere posted earnings of $6.16 on revenue of $13 billion. Analysts expected earnings of $6.64 per share on revenue of $12.96 billion.
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The company said its net sales rose 25%, bolstered by higher rates of production. However, Deere’s results were impacted by higher costs and production difficulties driven by supply chain challenges.
Deere’s net income attributable for fiscal 2022 is forecast to be in a range of $7 billion to $7.2 billion.
“Looking ahead, we believe favorable conditions will continue into 2023 based on the strong response we have experienced to early-order programs,” said John May, chairman and chief executive officer of Deere. “We are working closely with our factories and suppliers to meet higher levels of customer demand next year. Additionally, we are confident the company’s smart industrial strategy and leap ambitions will continue unlocking new value for customers through Deere’s advanced technologies and solutions.”