Deere reports $1.88 billion in 3rd quarter earnings

Deere & Company is reporting a fiscal 3rd quarter profit of $1.88 billion or $6.16 per share. That compares to net income of 1.66 billion or $5.32 per share for
Published: Aug. 19, 2022 at 3:40 PM CDT
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MOLINE, Ill. (KWQC) - Deere & Company is reporting a fiscal 3rd quarter profit of $1.88 billion or $6.16 per share. That compares to net income of 1.66 billion or $5.32 per share for the same period last year.

The Moline-based agriculture and construction equipment manufacturer says 3rd quarter net sales rose 25-percent, bolstered by higher rates of production, despite continuing supply-chain pressure.

“We’re proud of the extraordinary efforts by our employees to increase factory output and get products to customers under challenging circumstances,” said John C. May, chairman and chief executive officer. “At the same time, our results reflected higher costs and production inefficiencies driven by the difficult supply-chain situation.”

“Looking ahead, we believe favorable conditions will continue into 2023 based on the strong response we have experienced to early-order programs,” said May.