Deere & Co. (DE) reported its financial results on Friday for the third quarter ended July 31, 2022.

The American manufacturer of farm machinery and industrial equipment reported revenue of $13 billion for the quarter, slightly above analyst estimate of $12.927 billion.

Earnings per share fell short of estimates at $6.16 per share vs. $6.65 per share expected.

”We’re proud of the extraordinary efforts by our employees to increase factory output and get products to customers under challenging circumstances,” said John C. May, CEO of Deere & Co.

”At the same time, our results reflected higher costs and production inefficiencies driven by the difficult supply-chain situation.”

”Looking ahead, we believe favorable conditions will continue into 2023 based on the strong response we have experienced to early-order programs.”

”We are working closely with our factories and suppliers to meet higher levels of customer demand next year. Additionally, we are confident the company’s smart industrial strategy and leap ambitions will continue unlocking new value for customers through Deere’s advanced technologies and solutions,” May concluded.

Deere & Co. (DE) chart

The stock was down by around 1% at the open on Friday at $364.12 per share.

Here is how the stock has performed in the past year:

• 1 month +17.85%
• 3 months +45%
• Year-to-date +32%
• 1 year +71%

Deere & Co. price targets

• JP Morgan: $325
• Citigroup: $340
• Deutsche Bank: $388
• Barclays: $400
• Credit Suisse: $472

Deere & Co. is the 113^th largest company in the world with a market cap of $112.47 billion.

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Sources: Deere & Co., TradingView, MarketWatch, Benzinga, CompaniesMarketCap