Deere Hikes on Profit Beat

Deere (NYSE:DE) reported better-than-expected profit and revenue for its latest quarter and issued an upbeat outlook. Deere said it benefited from positive farm fundamentals and increased infrastructure investment.

Deere reported net income of $2.246 billion for the fourth quarter, or $7.44 per share, compared with net income of $1.283 billion , or $4.12 per share, for the prior-year quarter. For fiscal-year 2022, net income attributable to Deere & Company was $7.131 billion, or $23.28 per share, compared with $5.963 billion, or $18.99 per share, in fiscal 2021.

Worldwide net sales and revenues increased 37%, to $15.536 billion , for the fourth quarter of fiscal 2022 and rose 19%, to $52.577 billion , for the full year. Equipment operations net sales were $14.351 billion for the quarter and $47.917 billion for the year, compared with corresponding totals of $10.276 billion and $39.737 billion in 2021.

"Deere's strong performance for both the fourth quarter and full year is a tribute to our dedicated team of employees, dealers, and suppliers throughout the world," said CEO John C. May. "We're proud of their extraordinary efforts to overcome supply-chain constraints, increase factory production, and deliver products to our customers."

Net income attributable to Deere & Company for fiscal 2023 is forecast to be in a range of $8.0 billion to $8.5 billion.

DE shares galloped $22.73, or 5.5%, to $439.29.