Deere Q4 profit jumps 69% despite strike and supply problems
ABC News
Deere & Co. said its fiscal fourth-quarter profit jumped 69% on strong sales of its agricultural and construction equipment despite a monthlong strike that began near the end of the period
Deere & Co. said its fiscal fourth-quarter profit jumped 69% on strong sales of its agricultural and construction equipment despite a monthlong strike that began near the end of the period as well as ongoing supply chain problems.
The Moline, Illinois-based company said Wednesday that it earned $1.28 billion, or $4.12 per share, in the quarter that ended Nov. 1. That's up from $757 million, or $2.39 per share, a year ago when the pandemic slowed sales and layoff-related expenses hurt the bottom line.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.82 per share.
The agricultural equipment manufacturer said its revenue grew 16% to $11.33 billion in the period. Its adjusted revenue was $10.28 billion, which missed Street forecasts. Five analysts surveyed by Zacks expected $10.34 billion.
