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Deere & Company tops estimates

18 February 2023 By Klavs Valters

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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 114th largest company in the world with a market cap of $119.74 billion.

You can trade Deere & Company (NYSE:DE) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

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

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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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