Shares of Deere & Co. (NYSE: DE) rose in pre-market trading at the time of publishing on Friday after the manufacturer of agricultural machinery and heavy equipment announced fiscal Q2 earnings of $9.65 per share versus $6.81 in the same period last year and above analysts’ forecasts of $8.54 per share.
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The company posted net sales and revenues of $17.4 billion in Q2, up by 30% year-over-year, exceeding consensus estimates of $14.85 billion.
Looking forward, the management expects Deere &Co.’s net income in FY23 to be in the range of $9.25 billion to $9.50 billion versus its prior forecast of $8.75 billion to $9.25 billion.
Analysts are cautiously optimistic about DE stock with a Moderate Buy consensus rating based on nine Buys and five Holds.
