Deere & Co: Towards three-month low despite better-than-expected figures

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Deere & Co’s share fell 1.8% to a three-month low in pre-conference trading, despite announcing earnings and earnings for the second quarter that exceeded estimates, as strong demand helped offset pressure on supply chain.

Net income rose to $ 2.10 billion, or $ 6.81 a share, from $ 1.79 billion, or $ 5.68, a year earlier.

Convergent estimates point to $ 6.69 earnings per share.

Sales rose 10.9 percent to $ 13.37 billion, compared to estimates for $ 13.23 billion.

The cost of sales increased 12.5% ​​to $ 8.92 billion, as the gross margin shrank to 33.3% from 34.3%.

The company confirmed the prospects for increased sales for the year 2022.

Source: Capital

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