Deere & Co Q2 Results Climb, Beat Estimates; Lifts FY23 Earnings View; Stock Up In Premarket

(RTTNews) - Deere & Co. (DE), a manufacturer of agricultural machinery and heavy equipment, reported Friday that its second-quarter net income grew 36 percent to $2.86 billion or $9.65 per share from last year's $2.10 billion or $6.81 per share.

Worldwide net sales and revenues increased 30 percent to $17.387 billion from $13.37 billion a year ago.

Net sales were $16.079 billion for the quarter, compared to $12.034 billion last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $8.59 per share on revenues of $14.83 billion for the quarter. Analysts' estimates typically exclude special items.

Further for fiscal 2023, the company now expects net income attributable to be in a range of $9.25 billion to $9.50 billion, higher than previous estimate of $8.75 billion to $9.25 billion.

Cash flow from equipment operations is expected to be $10.00 billion to $10.50 billion.

In pre-market activity on the NYSE, the shares were gaining around 6.6 percent to trade at $395.

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