Deere and Company reported a net income of $903 million during the company’s first quarter that ended on January 30, or about $2.92 a share. That compares to a net income of $1.224 billion or $3.87 a share for the same time last year.
Worldwide net sales and revenues increased five percent in the first quarter to $9.56 billion. Equipment operations and net sales were $8.53 billion for the quarter, compared with $8.05 billion in 2021.
“Deere’s performance in the first quarter was impressive given production issues surrounding the delayed ratification of our UAW contract as well as persistent challenges posed by the supply chain and pandemic,” says Deere Chairman and CEO John C. May. “Those factors led to higher production costs during the quarter.”
May also says the company will continue to work closely with key suppliers to manage the situation. Net income for Deere and Company is forecast between $6.7 and $7.1 billion.