Deere crushed Wall Street’s earnings estimates and increased fiscal-year financial guidance. The stock, however, was down. Current results were great, but investors are worried about whether the current phase of rising demand for agricultural equipment is over.
Deere also raised guidance on Friday. For fiscal 2023, Deere now expects net income of between $9.75 billion and $10 billion. In May, the guidance range was $9.25 billion and $9.5 billion, while in February management expected $8.75 billion to $9.25 billion. Deere stock was down 1% in premarket trading, while S&P 500 and Dow Jones Industrial Average futures fell 0.3% and 0.2%, respectively.
Dobre said dealers are restocking inventory, which is good for current results but less good for performance down the road. When their inventories are full, dealers don’t order more products.
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