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Deere faces higher freight costs as farm machinery demand booms

Earnings 555 Industrials - Capital Goods 504 Quote Watch 321 U.S. 4832

Tractor maker Deere & Co. reported FY1’21 (to Jan. 31) revenues which climbed 23.3% year over year, beating analysts’ estimates by 13.0 percentage points on improved conditions in the agricultural produce sector. The latter has been helped by the U.S.-China phase 1 trade deal that is likely to remain in place under the Biden administration at least during early 2021. U.S. seaborne imports linked to Deere climbed by 30.2% year over year in January after rising by 18.9% in Q4’20. Like most other manufacturers Deere is facing higher costs for commodities and freight. Deere’s CFO Ryan Campbe...

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