Despite a 35-day worker strike that ended last week, Deere managed to rake in huge profit in its latest quarter. The world’s largest farm equipment maker fattened its bottom line by 69%, trouncing analysts’ estimates.
The company said Wednesday it hiked its prices to offset inflation, but that didn’t stop its customers from buying. A surge in crop and livestock prices drove farmers to splurge on Deere’s iconic green and yellow tractors and combines. Sales of its large and medium equipment jumped 23%.
What’s more, Deere signaled the boom will continue, forecasting earnings this year of as much as 7 billion dollars.
Investors snapped up shares of Deere, whose gain of over 35% this year is vastly outperforming the broader market.