- Sound execution contributes to net sales gain of 34% and higher earnings.
- Results benefit from healthy demand for farm and construction equipment and improved operating environment.
- Full-year net income forecast increased to $9.25 billion to $9.50 billion with cash flow from equipment operations expected to be $10.00 billion to $10.50 billion.
MOLINE, Illinois (May 19, 2023) — Deere&Company reported net income of $2.860 billion for the second quarter ended April 30, 2023, or $9.65 per share, compared with net income of $2.098 billion, or $6.81 per share, for the quarter ended May 1, 2022. For the first six months of the year, net income attributable to Deere&Company was $4.819 billion, or $16.18 per share, compared with $3.001 billion, or $9.72 per share, for the same period last year.
Worldwide net sales and revenues increased 30 percent, to $17.387 billion, for the second quarter of 2023 and rose 31 percent, to $30.038 billion, for six months. Net sales were $16.079 billion for the quarter and $27.481 billion for six months, compared with $12.034 billion and $20.565 billion last year.
“As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” said JohnC.May, chairman and chief executive officer. “We also are being helped by the sound execution of our business plans by our employees, dealers, and suppliers. They are doing an exceptional job meeting demand for our products and serving customers. Though supply-chain constraints continue to present a challenge, we are seeing further improvement.”
Company Outlook & Summary
Net income attributable to Deere&Company for fiscal 2023 is forecast to be in a range of $9.25 billion to $9.50 billion.
“Based on Deere’s results to date, it’s clear we are well on our way to another year of exceptional achievement,” May said. “This is due in no small part to the success of our smart industrial operating model and our ability to provide value to our customers by helping them be more profitable, productive, and sustainable.”
Additional financial information is available in the PDF version of this release.
