Deere & Co. (NYSE:DE) shares gained nearly 6% since the company’s reported Q4 results on Wednesday, with EPS of $7.44 coming in better than the Street estimate of $7.12. Revenue was $14.35 billion, beating the Street estimate of $13.48 billion.

Sure, PPA margins were a source of disappointment, as the company failed to meet its full-year 20-21% guidance, but the market was clearly willing to look past this blemish today. Management also initiated a fiscal 2023 net income guidance of $8-8.5 billion, essentially in line with investors' expectations, and seemingly threading the needle between optimism and conservatism (with the most obvious potential conservatism rooted in expectations for an H2 year-over-year volume decline in PPA despite order boards extending to Q3/23).