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Deere Q3 Profit Rises, But Misses Estimates; Cuts FY22 Earnings View

Agricultural machinery and equipment maker Deere & Co. (DE) reported Friday that its third-quarter net income grew 13 percent to $1.884 billion or $6.16 per share from last year's $1.667 billion, or $5.32 per share.

On average, analysts polled by Thomson Reuters expected earnings of $6.69 per share for the quarter. Analysts estimate typically exclude special items.

Net sales and revenues increased 22 percent to $14.102 billion from prior year's $11.53 billion.

Net sales were $13.000 billion for the quarter, compared to $10.413 billion last year.

Analysts expected sales of $12.78 billion for the quarter.

Third-quarter net sales grew 25 percent, driven by higher rates of production, despite continuing supply-chain pressures.

Looking ahead, Deere revised fiscal 2022 earnings outlook. Net income attributable is forecast to be in a range of $7.0 billion to $7.2 billion, compared to previous estimate of $7.0 billion to $7.4 billion.

The company further said strong order books and positive customer fundamentals are expected to drive demand in 2023.

In pre-market activity on the NYSE, Deere shares were losing around 6.5 percent to trade at $344.

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