5 Quarterly Reports Grabbing Everyone’s Attention

3. Deere & Company (NYSE:DE)

Number of Hedge Fund Holders: 61

Shares of Deere & Company (NYSE:DE) fell over six percent in the pre-market trading session on Friday, May 20, 2022, despite announcing better-than-expected financial results for its fiscal second quarter.

Deere & Company (NYSE:DE) reported earnings of $6.81 per share, ahead of the consensus of $6.71 per share. Revenue for the quarter advanced 11 percent on a year-over-year basis to $13.37 billion, topping estimates of $13.2 billion.

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Deere & Company (NYSE:DE) also raised its profit outlook for the full year, citing solid demand for its agricultural machinery. The company now expects earnings in the range of $7.0 – $7.4 billion versus its previous projection of $6.7 – $7.1 billion.

Discussing the outlook, CEO John May said in a statement:

“Looking ahead, we believe demand for farm equipment will continue benefiting from positive fundamentals in spite of availability concerns and inflationary pressures affecting our customers’ input costs.”