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    Deere’s Net Sales and Revenues Increase 14 Percent in Fiscal Third Quarter

    Aug. 30, 2023
    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.
    Related To: John Deere Construction & Forestry Division

    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.

    About the Author

    Michael Roth | Editor

    Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.