Deere & Co. raised its 2022 profit forecast on Friday as gaps in grain supplies triggered by Russia’s invasion of Ukraine drive global crop price higher, but the heavy equipment maker’s stock fell after its quarterly revenue missed analysts’ forecasts.
The Moline, Illinois-based firm forecast fiscal 2022 net income, including special items, of $7.0 billion to $7.4 billion, from a prior estimate of $6.7 billion to $7.1 billion.
Deere’s net income was $2.09 billion or $6.81 per share for the quarter ended May 1, outpacing Wall Street estimates of $6.71 per share.
Shares in the world’s largest farm equipment maker, which surged to record highs in March as investors bet on stronger demand, were down 6 percent in pre-market trading against the backdrop of a weaker market triggered by a lackluster earnings season and a hawkish stance from the U.S. Federal reserve….