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Farm equipment maker John Deere (DE) reported stellar earnings this morning and the stock is currently +5% in the premarket which would put it right around all-time highs if it holds in the cash session. The earnings were superb. DE revenue was +37% and EPS +81% year over year. FY22 net income was $7.1 billion and they are guiding FY23 to $8.0-$8.5 billion. If you do the math that works out to only 15x forward earnings. Clearly, the demand for DE’s tractors is sky-high as farmers face overwhelming demand and DE stands to benefit.

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