Deere Raises Annual Profit Outlook on Healthy Equipment Demand

Reuters2023-05-19

(Reuters) - Deere & Co on Friday raised its 2023 net income forecast, buoyed by healthy order books for the rest of the year as farm incomes remain robust.

Shares of the company rose 6.5% in premarket trade.

While prices of wheat, soya and other commodities have seen a modest decline from record levels touched in 2022, they still remain high enough to support demand for farm machinery.

Production challenges have also kept new equipment inventories tight, allowing Deere to maintain its pricing leverage and protect margins amid higher input costs.

Total net sales and revenues rose 30% to $17.39 billion for the second quarter.

The company expects 2023 net income in the range of $9.25 billion to $9.50 billion, higher than the $8.75 billion to $9.25 billion forecast earlier.

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