Deere & Company (NYSE: DE) reported today its fiscal Q2 2022 financial results, which saw the company post US$13.37 billion in revenue. The topline figure beats the consensus US$13.20 billion and is an increase from both Q1 2022’s US$9.57 billion and Q2 2021’s US$12.06 billion.
But the highlight of the quarterly financials is the firm’s net income, which recorded US$2.10 billion for the quarter–the first time the firm breached the US$2-billion mark.
“Deere’s second-quarter performance reflected a continuation of strong demand even as we face supply-chain pressures affecting production levels and delivery schedules,” said CEO John May.
The bottomline figure is also a jump from the net income last quarter of US$903 million and last year of US$1.79 billion. This translates to US$6.81 earnings per diluted share, also beating the consensus US$6.71 per share.
Despite this, the firm’s shares trade lower by 6.2% pre-market.
For fiscal 2022, the company is raising the guidance for annual net income to be US$7.0 – $7.4 billion.
“Looking ahead, we believe demand for farm equipment will continue benefiting from positive fundamentals in spite of availability concerns and inflationary pressures affecting our customers’ input costs,” added May.
Deere last traded at US$364.62 on the NYSE.
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