Deere beats by $1.98, reports revs in-line; raises FY23 net income guidance (419.18)
- Reports Q3 (Jul) earnings of $10.20 per share, $1.98 better than the FactSet Consensus of $8.22; revenues (equipment sales) rose 9.9% year/year to $14.28 bln vs the $14.14 bln FactSet Consensus.
- Net income attributable to Deere & Company for fiscal 2023 is forecast to be in a range of $9.75 billion to $10.00 billion (prior $9.25-9.5 bln). Co sees FY23 Production & Precision Ag sales up 20%.
- "Reflected by our strong third-quarter results, Deere continues to benefit from favorable market conditions and an operating environment showing further improvement," said John C. May, chairman and chief executive officer. "We are also being helped by stabilizing conditions in the supply chain, the sound execution of our business plans, and an improving ability to meet demand for our products and serve customers."