Deere Reports Third Quarter Net Income of $2.978 Billion

Aug 24, 2023

Sound execution contributes to 10% increase in net sales and higher earnings.
Strong order books, positive industry fundamentals driving strong results.
Full-year net income forecast increased to $9.75 billion to $10.00 billion.

MOLINE, Illinois — Deere & Company reported net income of $2.978 billion for the third quarter ended July 30, 2023, or $10.20 per share, compared with net income of $1.884 billion, or $6.16 per share, for the quarter ended July 31, 2022. For the first nine months of the year, net income attributable to Deere & Company was $7.797 billion, or $26.35 per share, compared with $4.885 billion, or $15.88 per share, for the same period last year.

Worldwide net sales and revenues increased 12 percent, to $15.801 billion, for the third quarter of 2023 and rose 24 percent, to $45.839 billion, for nine months. Net sales were $14.284 billion for the quarter and $41.765 billion for nine months, compared with $13.000 billion and $33.565 billion last year.

“Reflected by our strong third-quarter results, Deere continues to benefit from favorable market conditions and an operating environment showing further improvement,” said John C. May, chairman and chief executive officer. “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.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2023 is forecast to be in a range of $9.75 billion to $10.00 billion.

“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,” May said. “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.”

Source : John Deere

Video: We WON'T Use That Tractor AGAIN!!

Field Tile Installation for Improved Drainage

we install field tile to improve soil conditions and drainage efficiency. Proper drainage is critical for long-term field performance and productivity.

The work is completed using a Case IH 470 Quadtrac; however, this will probably be the last time this tractor is used for tiling. While capable, the 470 lacks the power and weight. We will be returning to our Case IH 580 Quadtrac, which is better suited for the demands of field tile installation.

My name is Michael Wendling, and I am proud to be a 6th-generation farmer carrying forward a family legacy that began in 1879 here in East Central Illinois.

Today, our operation focuses on raising food-grade corn for Frito-Lay and also soybeans. While the tools and technology have evolved, our core values remain the same: hard work, integrity, and a deep respect for the land we steward.