(Deere) Shares of Deere & Co. plunged more than 12% on Friday after reporting net sales of $12.03 billion in the second quarter of 2022. The sales were higher than $11 billion last year but missed estimates of $13.16 billion.
Deere said that its total revenues were $13.37 billion, an increase from $12.058 billion in the prior year.
The company’s net income came at $2.098 billion, representing a year-over-year gain of 17%. The diluted earnings per share was $6.81, a jump of 20% from the prior year.
Deere now forecasts an FY22 net income of between $7.0 billion and $7.4 billion, which came higher than the company’s prior estimates of $6.7 billion and $7.1 billion.
DE: NYSE is down -12.08%.
