Shares of Deere & Company (NYSE: DE) were on an upswing in pre-market trading on Friday after the manufacturer of agricultural machinery and heavy equipment reported fiscal Q1 earnings of $6.55 per share, exceeding analysts’ consensus estimate of $5.57.
Sales increased 32% year-over-year, with revenue hitting $12.65 billion and beating analysts’ expectations by $1.5 billion.
Looking forward, management raised its FY23 outlook and now expects net income to be in the range of $8.75 billion to $9.25 billion from its prior forecast of between $8 billion and $8.5 billion.
Overall, Wall Street is cautiously optimistic about DE stock with a Moderate Buy consensus rating based on 12 Buys and six Holds.