Deere & Co. Boosts FY23 Net Income Outlook As Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Friday, Deere & Co. (DE) raised its guidance for net income attributable to the company for the full-year 2022 to a range of $8.75 billion to $9.25 billion from the prior forecast range of $8.0 billion to $8.5 billion.

For the first quarter, the company reported net income attributable to Deere of $1.96 billion or $6.55 per share, sharply higher than $903 million, or $2.92 per share in the prior-year quarter.

Worldwide net sales and revenues increased 32 percent to $12.65 billion from $9.57 billion in the same quarter last year. Net sales were $11.40 billion, up from $8.53 billion a year ago.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $5.56 per share on revenues of $11.28 billion for the quarter. Analysts' estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com