Business

Deere stock soars after revenue surpasses $2 billion as infrastructure spending gives a boost


Shares of Deere & Co.
DE,
+1.18%

jumped 3.7% to a seven-month high in premarket trading on Wednesday, after the agricultural, construction and forestry equipment maker reported fiscal fourth-quarter revenue that was much higher than its predecessor. with expectations and gave an upbeat full-year outlook, citing positive farm fundamentals and dynamic fleets and increased investment in infrastructure. Net income increased to $2.25 billion, or $7.44 a share, from $1.28 billion, or $4.12 a share, in the same period last year. That beats the FactSet consensus for earnings per share of $7.11. Revenue rose 37.2% to $15.54 billion, well above the FactSet consensus of $13.44 billion, with all business segments beating expectations. Operating margins also improved across all segments. For fiscal year 2023, the company expects precision agriculture and manufacturing sales to grow 15% to 20% from a year ago, while Consensus FactSet sales are 24 $.96 billion represents a growth of 13.4%. Shares are up 21.5% year-to-date, while the S&P 500
SPX,
+1.36%

fell 16.0%.

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