(Boursier.com) — Deere is gaining ground before the stock market on Wall Street, while the American agricultural machinery giant has just raised its profit guidance for the year 2023 due to strong demand. Deere’s margins remained strong as the group was able to raise prices across its equipment divisions, offsetting rising shipping costs and supply chain challenges. Deere expects net income of $8.75 billion to $9.25 billion for the year, up from the $8 billion to $8.5 billion previously estimated. Net profit attributable to the group for the first fiscal quarter, ended at the end of January, reached 1.96 billion dollars, or 6.55 dollars per share, against 903 million dollars a year earlier. Revenue reached $12.65 billion, compared to $9.57 billion a year earlier.
Executives had already indicated that North American order books were full for the year for its high-horsepower tractors and that the machine maker had sold combines ahead of the planting season.
©2023 Boursier.com