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Moline-based Deere & Co. announced sales rose 37% in the fourth quarter as the equipment maker overcame supply chain constraints and increased production and shipping of its products. In the company’s earnings released today, Nov. 23, Deere reported net income of $2.246 billion for the fourth quarter, ended Oct. 30, or $7.44 per share. The results are up 75% from a year ago when net income in the quarter was $1.283 billion, or $4.12 per share. Deere, one of the largest Quad Cities employers, also reported its fiscal-year earnings and now is forecasting sales and income to continue to rise in 2023. According to Deere, net income for the full-year rose to $7.131 billion, or $23.28 per share, which compared with $5.963 billion, or $18.99 per share, in fiscal 2021. The company now forecasts net income for fiscal 2023 to be in a range of $8.0 billion to $8.5 billion. “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,” Deere Chairman and CEO John C. May said in the release. “We’re proud of their extraordinary efforts to overcome supply-chain constraints, increase factory production, and deliver products to our customers.” Deere’s stock price rose Wednesday morning after the earnings release. As of mid-morning, it was up $27.29, or 6.55%, to $443.85. Analysts polled by FactSet were expecting per-share earnings of $7.11. In the earnings report, Deere also reported worldwide net sales and revenues increased 37% to $15.536 billion for the fourth quarter, and rose 19% to $52.577 billion for the full year. Those numbers compared, respectively, to $11.327 billion and $44.024 billion in 2021. Equipment operations net sales were $14.351 billion for the quarter and $47.917 billion for the year, compared with corresponding totals of $10.276 billion and $39.737 billion in 2021. “Deere is looking forward to another strong year in 2023 based on positive farm fundamentals and fleet dynamics as well as an increased investment in infrastructure,” Mr. May said. “These factors are expected to support healthy demand for our equipment. At the same time, we have confidence in the smart industrial operating model and our ability to deliver solutions that help our customers be more profitable, productive, and sustainable.”