Deere Q1 2023 Earnings Report
Key Takeaways
Deere & Company reported a strong first quarter with net income reaching $1.959 billion, a significant increase from the previous year. Worldwide net sales and revenues also saw a substantial rise, driven by positive market fundamentals and robust demand for equipment.
Deere reported first quarter net income of $1.959 billion, or $6.55 per share.
Worldwide net sales and revenues increased 32 percent to $12.652 billion.
Net sales were $11.402 billion, compared to $8.531 billion in the previous year.
Full-year net income forecast increased to $8.75 billion to $9.25 billion.
Deere
Deere
Deere Revenue by Segment
Forward Guidance
Deere anticipates a strong fiscal year 2023, with net income attributable to Deere & Company forecast to be in the range of $8.75 billion to $9.25 billion.
Positive Outlook
- Positive market fundamentals
- Low machine inventories
- Continuation of solid execution
- Ability to execute on leap ambitions
- Ability to run businesses with real purpose, real technology, and real impact
Challenges Ahead
- Changes in U.S. and international laws, regulations, and policies
- Political, economic, and social instability of the geographies in which the company operates
- Wars and other conflicts, including the current conflict between Russia and Ukraine, and natural disasters
- Adverse macroeconomic conditions, including unemployment, inflation, rising interest rates, changes in consumer practices due to slower economic growth or possible recession, and liquidity constraints
- Availability and price of raw materials, components, and whole goods
Revenue & Expenses
Visualization of income flow from segment revenue to net income