Third-quarter net sales rise 25%, bolstered by higher rates of production, despite continuing supply-chain pressures, Deere & Company announced Friday.
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 Aug. 1, 2021, a news release says.
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, the release says.
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.”
Company Outlook and Summary
Net income attributable to Deere & Company for fiscal 2022 is forecast to be in a range of $7.0 billion to $7.2 billion, the release says.
“Looking ahead, we believe favorable conditions will continue into 2023 based on the strong response we have experienced to early-order programs,” said May. “We are working closely with our factories and suppliers to meet higher levels of customer demand next year. Additionally, we are confident the
company’s smart industrial strategy and leap ambitions will continue unlocking new value for customers
through Deere’s advanced technologies and solutions.”
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