Deere & Company reported net income of $1.884 billion for the third quarter ended July 31, 2022, compared with net income of $1.667 billion for the quarter ended August 1, 2021.
Deere's production and precision agriculture sales increased for the quarter due to price realization and higher shipment volumes. Operating profit rose primarily due to price realization and higher shipment volumes / sales mix.
Deere & Co.'s worldwide net sales and revenues increased 16%, to $11.327 billion, for the fourth quarter of fiscal 2021 and rose 24%, to $44.024 billion, for the full year.
While some positive signs are emerging for large equipment sales in the production segment of the agricultural industry, sales of small equipment and other rural lifestyle products is where the real action is these days. In addition to the record-setting sales of compact tractors, other segments of this market are also booming.
Recent quarterly earnings reports for the major farm machinery manufacturers were described as either “better than expected” or “could have been worse,” according to several industry analysts. This is to say, at least, AGCO and Deere exceeded analysts’ expectations. (CNH Industrial didn’t.)
Deere & Co. reported consolidated net sales and revenues of $8.9 billion during its third quarter ended Aug. 2, 2020 vs. $10 billion in the same period a year earlier, a decline of 11%. Equipment operations came in at $7.9 billion during the period compared to nearly $9 billion last year, also a drop off of 12%.
The Deere Smart Industrial strategy is designed to unlock new value for customers and to help them become more profitable and sustainable, while simultaneously revolutionizing the agriculture and construction industries through the rapid introduction of new technologies.
Deere employees will initially produce 25,000 face shields to meet the immediate needs of health-care workers in several of its U.S. manufacturing communities.
After 30 years with Deere, including 21 has its chief spokesman, Ken Golden is retiring, according to a Feb. 25 report in the Quad-City Times. His last day is Feb. 28.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we look at President Trump's tariff reduction on ag equipment, the latest dealer sales forecasts, and how high input costs are keeping farmer sentiment down.
Since 1980, A&I Products has become a leading manufacturer and wholesale distributor of aftermarket replacement parts for the agricultural, turf, and industrial equipment markets. A&I Products' experience and expertise has greatly contributed to the company's reputation as a top supplier of quality, reasonably priced parts. Founded with roots as a small machine shop and repair facility, the company made the transition by manufacturing new parts to replace those that were identified as commonly needing repair. Throughout the 1980s, the company quickly garnered a reputation for offering quality parts at a reasonable price.
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