Deere tops earnings forecast on strong demand, raises 2023 profit outlook

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Deere’s margins have remained high as it has been able to raise prices across its equipment divisions, offsetting rising shipping costs and tight supply chains

The Moline, Illinois-based company’s equipment sales rose 34 per cent, while its production and precision agriculture division saw the most growth with quarterly sales increasing 55 per cent from the year prior.

The company’s financial services business has been resilient, however, income for the segment in the latest quarter fell to $185-million from $231-million previously.

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