Shares of Deere & Co. plowed higher Wednesday, after the maker of agriculture, construction and forestry equipment reported blowout fourth-quarter results and an upbeat full-year outlook boosted by continued strong demand, higher pricing and promising spending on infrastructure.
Total revenue grew 37.2% to $15.54 billion, well above Wall Street expectations of $14.40 billion, according to FactSet, with all business segments beating forecasts. Looking ahead, order books across the company’s business segments are full into the third quarter of 2023, and Bach said dealers “remain on allocation” for the year.
Brent Norwood, director of investor relations, said on the call that U.S. infrastructure spending was “beginning to show some promise going into 2023.”
Any sign of a split coming?
Why no mention of this thing. 👇👀
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