Deere Excels Q3 Earnings Estimates; Lifts Annual Profit Outlook
Portfolio Pulse from Lekha Gupta
Deere & Co (NYSE:DE) reported Q3 FY23 net sales and revenue growth of 12% Y/Y to $15.80 billion, surpassing the consensus of $14.25 billion. Operating profit grew 33% Y/Y to $3.52 billion. The company raised its FY23 outlook for net income to $9.75 billion-$10.00 billion from $9.25 billion-$9.50 billion. Despite the positive earnings report, DE shares are trading lower by 2.42% at $409.00 premarket.
August 18, 2023 | 12:31 pm
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Deere & Co reported strong Q3 FY23 results and raised its FY23 net income outlook. However, its shares are trading lower premarket.
Deere & Co reported strong Q3 FY23 results, beating estimates and raising its FY23 net income outlook. This is generally positive news that would typically lead to a rise in the stock price. However, despite the positive earnings report, the stock is trading lower premarket, indicating a negative short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100