Deere & Co. (DE) reported its fiscal first quarter financial results for the quarter ended January 30, 2022, before the opening bell on Friday.

The American manufacturer of farm machinery and industrial equipment reported revenue of $8.531 billion in the first quarter vs. $8.276 billion expected.

Earnings per share at $2.92 vs. $2.27 per share expected.

”Deere’s performance in the first quarter was impressive given production issues surrounding the delayed ratification of our UAW contract in late November as well as persistent challenges posed by the supply chain and pandemic,” said John C. May, chairman and CEO commented on the latest results.

”These factors led to higher production costs in the quarter. We continue to work closely with key suppliers to manage the situation, enabling our customers to deliver food production and critical infrastructure. We are proud of the extraordinary efforts being taken by our dealers and employees to get products to our customers as soon possible in today’s challenging environment,” May added.

Deere & Co. (DE) chart (Weekly)

The stock was down by around 3% during the trading day on Friday at $368.42 a share.

Here is how the stock has performed in the past year –

• 1 Month: +1.52%
• 3 Month: +6.84%
• Year-to-date: +7.85%
• 1 Year: +12.06%

Deere & Co. is the 120^th largest company in the world with a market cap of $114.40 billion.

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Sources: Deere & Co., TradingView, CompaniesMarketCap