Agricultural equipment maker Deere & Company (NYSE:DE) has delivered a better-than-anticipated set of third-quarter numbers, with revenue rising 12.1% year-over-year to $15.8 billion. Additionally, EPS of $10.20 also comfortably outperformed expectations by $1.98. In comparison, the company had posted EPS of $6.16 in the year-ago quarter.
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Amid an improving operating environment, Deere’s production and precision agriculture sales have benefitted from price realization, improved shipment volumes, and sales mix. Concurrently, its Small agriculture and turf sales, as well as construction and forestry sales, have also ticked higher, with the latter clocking double-digit gains.
Buoyed by robust demand, Deere now expects net income for Fiscal Year 2023 to land in the range of $9.75 billion to $10 billion. In comparison, it had previously guided for a net income range of $9.25 billion to $9.5 billion.
Overall, the Street has a $453.31 consensus price target on Deere, alongside a Moderate Buy consensus rating. Shares of the company have gained nearly 15% over the past year.
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