John Deere reports third-quarter net profit of $2,978 billion

Deere & Company reported net income of $2,978 billion for the third quarter (ended July 30, 2023). In the same period last year, the value was US$ 1,884 billion. In the first nine months of the fiscal year, net income attributable to Deere & Company was US$7,797 billion (US$4,885 billion in the same period last year).

According to information from the company, "in the third quarter of 2023, a favorable tax decision in Brazil allowed the company to record a $243 million reduction in income tax provision and $47 million in interest income.”

“Reflected by our strong third quarter results, Deere continues to benefit from favorable market conditions and an operating environment that shows further improvements,” he said. John C. May (in the photo below), president and executive director.

“We are also being helped by stabilizing conditions in the supply chain, good execution of our business plans and improved ability to meet demand for our products and serve customers.”

Production and sales related to precision agriculture increased in the quarter as a result of price realization. Operating profit increased due to price realization and improved shipment volumes/sales mix. These items were partially offset by higher production costs, increased SA&G and R&D expenses and the unfavorable impact of foreign currency exchange.