QUAD CITIES — Net sales for Deere & Company were up 40% in its last quarter. The company’s net income for its fiscal year was over $7.1 billion.
CEO John May said Deere’s just-concluded fiscal year was “unprecedented” in several ways.
“We started the year in a work stoppage at some of our largest U.S. factories, but we resolved that with a groundbreaking, industry-leading new contract,” May said this morning in an online briefing for investors. “Then supply and logistics hurdles created disruption. At times, deliveries were delayed as demand simply outstripped what the industry could supply.”
May said from May through the end of October, Deere had a “substantial increase” in retail sales and in production from its factories.
“As I look ahead to Fiscal Year 2023 and beyond, I truly believe our best years are ahead of us,” May said.
In a written statement, May indicated the fundamentals in the farm economy are positive and that’s driving demand for tractors and other implements. North American combine orders were recently filled in two months, according to May.
“In the near term, order books across our businesses are full into the third quarter,” May said this morning, “and it’s important to note that not only do the order books continue to fill when we open them, but the velocity of orders has remained strong.”
Deere’s stock price has been climbing this year and it went higher this morning after Deere’s financial report was released.