Deere Posts Stellar Q4 Results; Shares Up 5%
25/11 07:36
Deere & Company (DE) posted stellar fourth-quarter results with both earnings and revenue exceeding estimates by huge margins.
Despite the almost two week long labor strike during the quarter, and the ongoing supply chain issues coupled with inflationary trends, the company managed to finish the year with a positive outlook.
Following the news, shares of the world’s largest agricultural equipment manufacturer soared 5.2%, closing at $367.86 on November 24.
Stellar Results
The company reported earnings of $4.12 per share, up 72.4% against the prior-year quarter and significantly higher than analysts' estimates of $3.90 per share.
Furthermore, net sales and revenues rose 16% year-over-year to $11.327 billion, outpacing analysts' estimates of $10.44 billion.
For the full year fiscal 2021, Deere’s net sales and revenues climbed 24% to $44.02 billion, while earnings jumped 118.5% to $18.99 per share.