Deere & Company tops estimates

American manufacturer of farm machinery and industrial equipment Deere & Company (NYSE:DE) announced the latest financial results for the quarter ending January 29, 2023, before the market open in the US on Friday.

Revenue was reported at $12.652 billion for the quarter (up by 32% year-over-year) vs. $11.337 billion expected.

Earnings per share also topped analyst estimates at $6.55 per share vs. an estimate of $5.565 per share.

The company expects revenue of between $8.75 to $9.25 billion in the fiscal year 2023.

CEO commentary

”Deere’s first-quarter performance is a reflection of favorable market fundamentals and healthy demand for our equipment as well as solid execution on the part of our employees, dealers, and suppliers to get products to our customers,” CEO of the company, John C. May said in a press release.

”We are, at the same time, benefiting from an improved operating environment, which is contributing to higher levels of production,” May concluded.

Stock reaction

Shares of Deere were up around 5% at the market open on Friday, trading at $427.32 a share.

Stock performance

• 1 month: -1.38%
• 3 months: -2.43%
• Year-to-date: -6.02%
• 1 year: +5.89%

Deere & Company stock price targets

• Stifel: $477
• Citigroup: $505
• BMO Capital: $450
• Wells Fargo: $485
• Morgan Stanley: $522
• Argus Research: $475
• Credit Suisse: $582
• JP Morgan: $440
• UBS: $452
• Deutsche Bank: $374
• Goldman Sachs: $420
• Citigroup: $425

Deere & Company is the 114^th largest company in the world with a market cap of $119.74 billion.

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Sources: Deere & Company, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap