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Deere & Co. (DE) reported its financial results on Friday for the second quarter ended May 1, 2022.
The American manufacturer of farm machinery and industrial equipment reported revenue of $13.37 billion in the quarter (up by 11% year-over-year), topping analyst estimate of $13.231 billion.
Earnings per share also coming in above expectations at $6.81 per share vs. $6.69 per share estimate.
”Deere’s second-quarter performance reflected a continuation of strong demand even as we face supply-chain pressures affecting production levels and delivery schedules,” said John C. May, CEO of Deere & Co.
”Deere employees, suppliers, and dealers are working hard to address these challenges. We are proud of their extraordinary efforts to get products to our customers as soon as possible under the challenging circumstances,” May concluded.
Deere & Co. chart
Shares of Deere & Co. fell by 14.07% on Friday, despite topping Wall Street expectations. The stock was trading at around $312 per share.
Here is how the stock has performed in the past year:
Deere & Co. price targets
Deere & Co. is the 132nd largest company in the world with a market cap of $96.11 billion.
You can trade Deere & Co. (DE) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.
Sources: Deere & Co., TradingView, MarketWatch, Benzinga, CompaniesMarketCap
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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