Deere & Company’s (DE) net income up 17% in Q2, raises forecast

May 20, 2022 11:21 AM PDT | By Team Kalkine Media

Google News:

Deere & Company’s (DE) net income up 17% in Q2, raises forecast — Image source: © Solarisys13 | Megapixl.com

Recent News

Klein Funding and Bybit Partner to Launch a New Era of Crypto Prop Tra...

Freedom Holding Corp. Reports Fiscal Year 2025 Financial Results

Could the Air India Ahmedabad crash derail its turbulent revival?

Uncertainties persist in base metals market regarding US-China trade d...

Highlights:

Deere & Company (NYSE:DE) posted a net income of US$2.098 billion for the second quarter of fiscal 2022.

Deere’s attributable net income for the first half of 2022 was US$3.001 billion, or US$9.72 per share.

Deere raised its profit forecast for 2022 despite missing revenue estimates in Q2.

Deere & Company (NYSE:DE) on Friday posted a second-quarter net income of US$2.098 billion or US$6.81 per share for the period ended May 1, 2022, helped by increased sales.

Its net income for the same quarter in 2021 was US$1.790 billion, or US$5.68 per share.

The Moline, Illinois-based company’s attributable net income for the first half of 2022 was US$3.001 billion, or US$9.72 per share, versus US$3.013 billion, or US$9.55 per share, for the same period last year.

John C. May, chairman and CEO of Deere & Company, said: "Deere's second-quarter performance reflected a continuation of strong demand even as we face supply-chain pressures affecting production levels and delivery schedules."

The company’s net sales and revenues soared 11% to $13.370 billion for Q2 of fiscal 2022. They rose 8% to US$22.939 billion in six months.

It posted net sales of US$12.034 billion for the quarter and US$20.565 billion for six months. It was US$10.998 billion and US$19.049 billion last year.

Also Read: US home sales drop for 3rd straight month, mortgage rates rise sharply

© Fiskness | Megapixl.com

Also Read: 5 penny stocks to watch in June: PVL, SNRG, GOFF. CHKR & FDOC

Deere raises 2022 profit forecast

Deere & Co raised its profit forecast for 2022 on Friday, propelled by higher global crop prices, a direct effect of the Russian invasion of Ukraine. The company raised the estimates even though its quarterly revenues failed to keep up with market estimates.

DE raised its fiscal 2022 net income forecast from US$7.0 billion to US$7.4 billion. Its previous estimate was US$6.7 billion to US$7.1 billion.

However, the company’s financial services net income declined for the reported quarter, primarily due to higher reserves for credit losses - fallout from the Russia-Ukraine war.

Bottom line:

Deere’s net sales for its production and precision agricultural solutions got a huge boost in the reported quarter. It was up 13% from the previous year.

DE has a market cap of US$97.86 billion. It has a P/E ratio 0f 17.68, and a forward one-year P/E ratio of 16.07. Its EPS is US$18.04.

The 52-week highest and lowest stock prices were US$$446.76 and US$320.50, respectively. Its trading volume was 2,253,562 on May 19.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.