John Deere net sales were up 34 percent in the second quarter to $16.1 billion, compared with Q2 2022. The company cited “healthy demand” as one driver for the increase.
Sales of construction and forestry equipment totaled $4.1 billion in the quarter, up 23 percent from the same period a year ago. Sales moved higher due to price realization and higher shipment volumes.
In its fiscal 2023 industry outlook, Deere suggests sales for construction equipment will be up around 15 percent. In its construction and forestry industry outlook, the company projects flat to up 5 percent in the U.S. and Canada, and flat for global roadbuilding, which includes Wirtgen.
Deere’s agriculture and turf results were also up, 53 percent and 16 percent, respectively.
“As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” said John C. May, chairman and CEO. “We also are being helped by the sound execution of our business plans by our employees, dealers, and suppliers. They are doing an exceptional job meeting demand for our products and serving customers. Though supply-chain constraints continue to present a challenge, we are seeing further improvement.”
Source: John Deere
