“Deere’s strong performance for both the fourth quarter and full year is a tribute to our dedicated team of employees, dealers, and suppliers throughout the world,” said John C. May, chairman and chief executive officer.
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.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we look at how used dealer and auction prices are trending. In the Technology Corner, Noah Newman shows up Trimble’s new Bilberry Smart Spraying System. Also in this episode, dealers report few department manager retirements coming, AGI earnings, the Farm Equipment Hall of Fame and Mahindra's North America CEO talks 2024 market share goals.
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