Deere Lifts FY23 View As Q3 Results Climb, Top Estimates - Update

(RTTNews) - While announcing significant growth in third-quarter results above market, Deere & Co. (DE), a manufacturer of agricultural machinery and heavy equipment, on Friday raised its forecast for fiscal 2023 earnings view.

For fiscal 2023, net income attributable to the company is now forecast to be in a range of $9.75 billion to $10.00 billion. The company previously expected net income attributable to be in a range of $9.25 billion to $9.50 billion.

John May, chairman and chief executive officer, said, "Reflected by our strong third-quarter results, Deere continues to benefit from favorable market conditions and an operating environment showing further improvement... Deere is well on the way to another year of exceptional achievement due in large part to positive fundamentals in the farm and construction sectors ...."

In the third quarter, Deere & Co. reported net income of $2.98 billion or $10.20 per share, 58 percent higher than net income of $1.88 billion or $6.16 per share a year ago.

Worldwide net sales and revenues increased 12 percent to $15.80 billion from last year's $14.10 billion. Net sales were $14.284 billion for the quarter, compared with $13.00 billion last year.

On average, analysts polled by Thomson Reuters expected earnings of $8.20 per share on sales of $14.25 billion for the quarter. Analysts' estimates typically exclude special items.

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