Deere (NYSE:DE) stock is on the rise Wednesday as investors react to the company’s earnings report for the fourth quarter of 2022.
Starting off the earnings report is the company’s diluted earnings per share of $7.44. That’s an easy beat compared to Wall Street’s estimate of $7.11 per share as well as a major improvement over the $4.12 reported in the same period last year.
In addition to EPS, Deere reported revenue of $15.54 billion in Q4. Yet again, that easily comes in above analysts’ revenue estimate of $13.39 billion for the quarter. It also represents a 37% increase year-over-year (YOY).
What to Expect from DE in 2023
John May, Chairman and CEO of Deere, said the following in the earnings report:
“Deere is looking forward to another strong year in 2023 based on positive farm fundamentals and fleet dynamics as well as an increased investment in infrastructure […] These factors are expected to support healthy demand for our equipment.”
This positive outlook has Deere expecting net income for fiscal 2023 to range from $8 billion to $8.5 billion. The company does not provide EPS or revenue guidance in its latest earnings report, however.
While markets have only just opened, DE stock has already moved around 500,000 shares. That’s a strong start to the day, with its daily average trading volume sitting at 1.4 million shares.
DE stock is up 5.7% as of Wednesday morning.
Investors looking for more recent stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
