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.
