Deere Harvests Profits, Hits All-Time High

Deere’s earnings report in August showed it was facing a bit of a drought, lowering its full-year profit outlook. Supply constraints left it unable to meet the robust demand of farmers, with rising expenses eating into profits. 👎

Today, it reported earnings per share of $7.44, which topped estimates of $7.11. Total revenues rose 37% to $15.54 billion, with equipment sales of $14.35 billion beating estimates of $13.39 billion.

The company also forecasted solid profit margin growth across its business segments. 🔮

Since its order books for most of its farm equipment and combines are full through Q3 2023, it can raise prices and offset some of its increased costs. Additionally, supply chain issues are beginning to ease, setting up for better production/delivery and reduced costs in 2023.

Investors were happy to see the company’s operating profits expand and that supply chain worries are beginning to ease. Lastly, the company’s outlook for improved construction equipment sales due to infrastructure spending was a nice kicker. 👍

A solid report from the world’s largest farm equipment maker sent $DE shares to fresh all-time highs. 

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Some Earnings Worth $HEARing

While everyone is focused on the “bigger-picture” risks in the market, there are still plenty of companies reporting earnings. 📝

Let’s recap some of today’s biggest movers (besides Gitlab). 👇

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Fisker Flips It Into Reverse

The electric vehicle startup Fisker is on the move after its earnings news came in better than expected. This comes a week after EV startups like Lucid and Nikola indicated that their production and delivery numbers were lower than estimated. 📰

The company’s fourth-quarter net loss of 54 cents per share and revenues of $306,000 were both shy of estimates. Wall Street had expected a 42 cent per share loss and revenue of $2.5 million.

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Early Morning Risers

It was a rough day in the markets, but several stocks started the morning off strong and remained so throughout the day.

The first was Sea Ltd., which operates one of Southeast Asia’s largest e-commerce and digital entertainment platforms. 🛒

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AMC Falls Despite Earnings Beat

AMC investors can’t catch a break, as the stock falls after hours despite beating earnings and revenue expectations. 🤷

The movie-theater chain posted revenues of $990.9 million, down from $1.17 billion a year earlier but above the $977.7 million expected. Meanwhile, its fourth-quarter loss per share of $0.26 doubled from $0.13 during the same quarter of 2021.

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