Deere Reports 25% Increase in 3Q Net Sales

• Third-quarter net sales rise 25%, bolstered by higher rates of production, despite continuing supply-chain pressures.
• Full-year earnings outlook revised to range of $7.0 – $7.2 billion.
• Strong order books and positive customer fundamentals to drive demand in 2023.

MOLINE, Ill — Deere & Company reported net income of $1.884 billion for the third quarter ended July 31, 2022, or $6.16 per share, compared with net income of $1.667 billion, or $5.32 per share, for the quarter ended August 1, 2021. For the first nine months of the year, net income attributable to Deere & Company was $4.885 billion, or $15.88 per share, compared with $4.680 billion, or $14.86 per share, for the same period last year.

Net sales and revenues increased 22 percent, to $14.102 billion, for the third quarter of 2022 and rose 13 percent, to $37.041 billion, for nine months. Net sales were $13.000 billion for the quarter and $33.565 billion for nine months, compared with $10.413 billion and $29.461 billion last year.

"We're proud of the extraordinary efforts by our employees to increase factory output and get products to customers under challenging circumstances," said John C. May, chairman and chief executive officer. "At the same time, our results reflected higher costs and production inefficiencies driven by the difficult supply-chain situation."