Deere Reports $61.3 Billion in Q4 Earnings

Deere & Company reported net income of $2.369 billion for the fourth quarter ended Oct. 29, 2023, compared with net income of $2.246 billion for the quarter ended Oct. 30, 2022. For fiscal-year 2023, net income attributable to Deere & Company was $10.166 billion compared with $7.131 billion in fiscal 2022.

Worldwide net sales and revenues decreased 1%, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16%, to $61.251 billion, for the full year. Net sales were $13.801 billion for the quarter and $55.565 billion for the year, compared with $14.351 billion and $47.917 billion in 2022. 

Production & precision agriculture revenue for the fourth quarter was $7 billion, down 6% from $7.4 billion year-over-year. For the full fiscal year 2023, production & precision ag revenue was $26.8 billion, up 22% from $22 billion in 2022.

John Deere said production and precision agriculture sales decreased for the quarter due to lower shipment volumes partially offset by price realization.