By Matt Grossman

 

Deere & Co. forecast higher earnings in the coming fiscal year, citing increased crop prices and economic growth as fundamentals that will drive demand.

Deere said Wednesday it expects its net income in the 2022 fiscal year to be $6.5 billion to $7 billion. Its 2021 net income was $5.96 billion.

Analysts polled by FactSet had been forecasting 2022 net income of $6.77 billion.

Chairman and Chief Executive John C. May said supply-chain issues will continue to affect the company in the year to come.

"We anticipate supply-chain pressures will continue to pose challenges in our industries," Mr. May said. "We are working closely with our suppliers to address these issue."

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

November 24, 2021 07:29 ET (12:29 GMT)

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