Deere Q1 net income $903M ($2.92 EPS) down 26% YoY; raises FY2022 guidance to $6.7-7.1B

DEERE & CO

2022-Q1 EPS reported $2.92 revenue$9,569,000,000

Q1 net sales & revenues $9.569B, +5% YoY; equipment net sales $8.531B, +6%.
Production & Precision Ag operating profit down 54% to $296M on higher costs and unfavorable mix.
Small Ag & Turf operating profit down 21% to $371M; Construction & Forestry operating profit up 1% to $272M.
Fiscal 2022 net income guidance raised to $6.7-7.1B; sees large ag demand up ~20% in US/Canada.
Q1 included $90M UAW ratification bonus and supply-chain inefficiencies; financial services net income +13%.

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