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

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Deere & Co raised its annual profit forecast on Friday after beating Wall Street estimates on higher revenue for its high-horsepower tractors and an increase in spending from construction customers.

The Moline, Illinois-based company's equipment sales rose 34%, while its production and precision agriculture division saw the most growth, with quarterly sales increasing 55% from the year prior, as the company expands its product portfolio in autonomous solutions for crop planting and harvesting.

Deere's equipment revenue for the quarter came in at $11.4 billion, topping Refinitiv analysts' estimates of $11.28 billion.

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