Deere Q2 2023 Earnings Report

Deere's second-quarter results were driven by sound execution, healthy demand for farm and construction equipment, and an improved operating environment.

Key Takeaways

Deere & Company reported net income of $2.860 billion for the second quarter ended April 30, 2023, or $9.65 per share, compared with net income of $2.098 billion, or $6.81 per share, for the quarter ended May 1, 2022. Worldwide net sales and revenues increased 30 percent, to $17.387 billion, for the second quarter of 2023.

Sound execution contributes to net sales gain of 34% and higher earnings.

Results benefit from healthy demand for farm and construction equipment and improved operating environment.

Full-year net income forecast increased to $9.25 billion to $9.50 billion with cash flow from equipment operations expected to be $10.00 billion to $10.50 billion.

Deere continues to benefit from favorable market conditions and an improving operating environment.

Total Revenue

$17.4B

Previous year: $13.4B

Small Ag & Turf Operating Margin

0.2%

Construction & Forestry Operating Margin