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May 20, 2022, 7:04 a.m. EDT

Deere beats profit and revenue expectations, but stock falls

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By Tomi Kilgore

Shares of Deere & Co. /zigman2/quotes/207941296/composite DE -0.39% fell 1.8% toward a three-month low in premarket trading Friday, even after the agriculture, construction and forestry equipment maker reported fiscal second-quarter profit and revenue that rose above expectations, as "strong demand" helped offset supply-chain pressures. Net income increased to $2.10 billion, or $6.81 a share, from $1.79 billion, or $5.68 a share, in the year-ago period. The FactSet consensus for earnings per share was $6.69. Sales grew 10.9% to $13.37 billion, above the FactSet consensus of $13.23 billion. Cost of sales rose 12.5% to $8.92 billion, as gross margin contracted to 33.3% from 34.3%. Production & Precision Agriculture sales rose 13% to $5.1 billion, Small Agriculture & Turf sales increased 5% to $3.6 billion and Construction & Forestry sales rose 9% to $3.45 billion. The company affirmed the sales growth outlook for fiscal 2022. Deere's stock has gained 6.3% year to date through Thursday while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.88% has shed 18.2%.

/zigman2/quotes/207941296/composite
US : U.S.: NYSE
$ 299.47
-1.18 -0.39%
Volume: 2.08M
June 30, 2022 4:00p
P/E Ratio
15.63
Dividend Yield
1.51%
Market Cap
$91.89 billion
Rev. per Employee
$605,040
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/zigman2/quotes/210599714/realtime
US : S&P US
3,785.38
-33.45 -0.88%
Volume: 2.68B
June 30, 2022 5:30p
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