Deere & Co.’s net sales and revenues totaled $15.801 billion for the fiscal third quarter of 2023, compared to $14.102 billion for the fiscal third quarter of 2022, a 12-percent increase. Net income in the fiscal third quarter jumped from $1.884 billion in fiscal Q322 to $2.978 billion in the recently concluded quarter, a 58.1-percent increase.
The Production & Precision Agriculture segment increased from $6.096 billion in net sales to $6.806 billion, an 11.6-percent increase. Small Agriculture & Turf’s net sales increased 3 percent from $3.635 billion in the fiscal third quarter of 2022 to $3.379 billion in the fiscal third quarter of 2023. The Construction & Forestry Division posted net sales of $3.739 billion in fiscal Q323 compared to $3.369 billion a year ago, a 14.4-percent hike.
“Reflected by our strong third-quarter results, Deere continues to benefit from favorable market conditions and an operating environment showing further improvement,” said John May, chairman and CEO. “We are also being helped by stabilizing conditions in the supply chain, the sound execution of our business plans, and an improving ability to meet demand for our products and serve customers.”
Noting that net income attributable to Deere & Co. for fiscal 2023 is forecast to be in a range of $9.75 billion to $10 billion, May added, “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. 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.”
For the first nine months of the fiscal year, Deere’s net sales and revenues totaled $45.839 billion compared to $37.041 billion in the first nine months of fiscal 2022, a 23.8-percent increase.