- The stock price of Deere & Company (NYSE: DE) slightly increased pre-market today. This is why it happened.
The stock price of Deere & Company (NYSE: DE) slightly increased pre-market today. Investors are responding positively to the company’s fourth quarter results.
These are the highlights for the quarter:
— Fourth-quarter net income rises on net sales gain of 19%, demonstrating solid execution and benefits of operating model.
— UAW contract agreement shows commitment to Deere’s workforce.
— Full-year 2022 earnings forecast to be $6.5 to $7.0 billion, reflecting healthy demand.
— Net income of $1.283 billion for the fourth quarter ended October 31, 2021, or $4.12 per share, compared with net income of $757 million, or $2.39 per share, for the quarter ended November 1, 2020.
— For fiscal year 2021, net income attributable to Deere & Company was $5.963 billion, or $18.99 per share, compared with $2.751 billion, or $8.69 per share, in fiscal 2020.
— Worldwide net sales and revenues increased 16 percent, to $11.327 billion, for the fourth quarter of fiscal 2021 and rose 24 percent, to $44.024 billion, for the full year. Equipment operations net sales were $10.276 billion for the quarter and $39.737 billion for the year, compared with corresponding totals of $8.659 billion and $31.272 billion in 2020.
— Net income attributable to Deere & Company for fiscal 2022 is forecasted to be in a range of $6.5 billion to $7.0 billion.
“Deere’s strong fourth-quarter and full-year performance was delivered by our dedicated employees, dealers, and suppliers throughout the world, who have helped safely maintain our operations and serve customers. Our results reflect strong end-market demand and our ability to continue serving customers while managing supply-chain issues and conducting contract negotiations with our largest union. Last week’s ratification of a 6-year agreement with the UAW brings our highly skilled employees back to work building the finest products in our industries. The agreement shows our ongoing commitment to delivering best-in-class wages and benefits.”
“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure. At the same time, we anticipate supply-chain pressures will continue to pose challenges in our industries. We are working closely with our suppliers to address these issues and ensure that our customers can deliver essential food and infrastructure more profitably and sustainably.”
— John C. May, chairman and chief executive officer
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.