Deere Reports Q3 Income of $2.978 Billion

Deere reported net income of $2.978 billion for the third quarter ended July 30, 2023, or $10.20 per share, compared with net income of $1.884 billion, or $6.16 per share, for the quarter ended July 31, 2022. For the first nine months of the year, net income attributable to Deere & Company was $7.797 billion, or $26.35 per share, compared with $4.885 billion, or $15.88 per share, for the same period last year.

Worldwide net sales and revenues increased 12 percent, to $15.801 billion, for the third quarter of 2023 and rose 24 percent, to $45.839 billion, for nine months. Net sales were $14.284 billion for the quarter and $41.765 billion for nine months, compared with $13.000 billion and $33.565 billion last year.

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2023 is forecast to be in a range of $9.75 billion to $10.00 billion.

“Deere is well on the way to another year of exceptional achievement due in large part to positive fundamentals in the farm and construction sectors and the unwavering commitment of the Deere team, including our dealers and suppliers,” May said. “Fundamentals are expected to continue fueling solid demand for our equipment, supported by a strong advance-order position. At the same time, through the company’s smart industrial operating model, we are delivering differentiated value to our customers, enabling them to do their jobs more profitably and sustainably.”

Source: PRNewswire.com