Moline-based Deere & Company on Friday reported net income of $1.959 billion for the first quarter ended Jan. 29, 2023, or $6.55 per share, compared with net income of $903 million, or $2.92 per share, for the quarter ended Jan. 30, 2022.
Worldwide net sales and revenues increased 32 percent, to $12.652 billion, in the most recent quarter. Net sales were $11.402 billion for the quarter, compared with $8.531 billion in 2022.
“Deere’s first-quarter performance is a reflection of favorable market fundamentals and healthy demand for our equipment as well as solid execution on the part of our employees, dealers, and suppliers to get products to our customers,” John C. May, Deere chairman and CEO, said in the company release. “We are, at the same time, benefiting from an improved operating environment, which is contributing to higher levels of production.”
Net income attributable to Deere & Company for fiscal 2023 is forecast to be in a range of $8.75 billion to $9.25 billion.
“Deere is looking forward to another strong year on the basis of positive fundamentals, low machine inventories, and a continuation of solid execution,” May said. “We are proud of our recent performance and remain fully committed to helping our customers do their jobs in a more profitable, productive, and sustainable way. We have confidence in our ability to execute on our leap ambitions and run our businesses with real purpose, real technology, and real impact.”
Deere’s forecast for a $9 billion profit this fiscal year would zoom past its previous performance — net income was $7.1 billion in the 2022 fiscal year, and $5.9 billion in fiscal 2021.
For the complete first-quarter results, visit the company website HERE.