Top-5 Gainers in 2022: Deere & Company
The agricultural sector is the second one to greatly benefit during 2022. The demand for food is dramatically rising ahead of the supply. This trend even increased after the war broke out in Ukraine so farmers have to increase their efficiency. Stocks of Deer & Company rose by 25% in 2022. The company is investing in precision technologies and automation to improve farmers’ performance. Last year the company began to use automated tractors that can pinpoint specific weeds and spot-spraying machines that can separate crops from weeds.
Deer & Company reported $14.35 billion revenues in the Financial Q4 2022, beating Wall Street expectations by $890 million. Net income rose by 75% year-on-year to $2.2 billion. It is important to highlight that sales only rose by 40% year-on-year. That mean that the rest of net income growth came from improved profitability. Considering the global demand picture, the upside potential for the company is clear. Positive developments of the company would certainly attract investors to DE stocks.
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