Deere & Co worldwide net sales and revenues increased 32% to US$12.652 billion for the first three months (ended January 29) of its 2023 financial year. Net income was US$1.9 billion.
The healthy demand for farm and construction equipment contributed to a 34% net sales gain and higher earnings.
“Deere’s first-quarter performance is a reflection of favourable market fundamentals and healthy demand for our equipment as well as solid execution on the part of our employees, dealers, and suppliers to get products to our customers,” said John C. May, chairman and chief executive officer.
“We are, at the same time, benefiting from an improved operating environment, which is contributing to higher levels of production.”
The concern looks forward to another strong year and net income for the current fiscal year is forecast to be in a range of US$8.75b to US$9.25b.