Deere & Company reported net income of $ 2.860 billion for the second quarter ended April 30, 2023, compared with net income of $ 2.098 billion, for the quarter ended May 1, 2022. For the first six months of the financial year, net income attributable to Deere & Company was $ 4.819 billion, compared with $ 3.001 billion, 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 $20.565 billion last year.
“As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” said John C. May, chairman and chief executive officer. “We also are being helped by the sound execution of our business plans by our employees, dealers, and suppliers. They are doing an exceptional job meeting demand for our products and serving customers. Though supply-chain constraints continue to present a challenge, we are seeing further improvement.”
Production & Precision Agriculture Operating Profit
Second Quarter 2023, compared to Second Quarter 2022 ($ in millions)
Production and precision agriculture sales increased for the quarter as a result of higher shipment volumes and price realization. Operating profit improved primarily due to price realization and improved shipment volumes, partially offset by increased SA&G and R&D expenses, higher production costs, and the unfavorable effects of foreign currency exchange.
