Deere & Company (NYSE: DE) reported upbeat Fiscal Q3 results for the period ending August 1, 2021. Revenue and earnings came above consensus estimate driven by strong results across all product categories.
Deere & Company (NYSE: DE) Net sales were up 29% year-over-year to $11.53 billion, surpassing consensus estimates of $10.3 billion. Fiscal Q3 net income came in at $1.67 billion compared to net income of $811 million reported in the same quarter last year. EPS was $5.32, more than double $2.57 a share delivered the same quarter last year. Q3 EPS also surpassed consensus estimates of $4.57 a share.
According to CEO John May, Deere & Company (NYSE: DE) made strategic investments in the quarter that align with the company’s smart industrial strategy. Consequently, the investments should allow the Deere & Company’s customers to achieve improved profitability, productivity, and sustainability through effective use of technology.
Additionally, the executive expects the Deere & Company (NYSE: DE) farm and construction equipment to benefit from improving fundamentals.
“We are, at the same time, excited by the growing engagement with our digital platform, the John Deere Operations Center, as well as continued adoption of precision technologies, which unlock greater value for our customers,” May said.
For the Fiscal 2021, Deere & Company (NYSE: DE) expects net income to range from $5.7 billion and $5.9 billion.
Nicole Deblase an analyst at Deutsche Bank lowered the price target on Deere & Company (NYSE: DE) to $383 from $404 and kept a “Hold” rating on the stock. Last month Jamie Cook analyst at Credit Suisse upped the price target on Deere to $439 from $427 and maintained an “Outperform” rating.
Earlier this month, Deere & Company (NYSE: DE) acquired Bear Flag Robotics for $250 million. Bear Flag was founded in 2017 that develops autonomous driving technology compatible with existing machines.
