Worldwide net sales and revenues decreased 1%, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16%, to $61.251 billion, for the full year.
Operating income for the quarter was $27 million, a decrease of $8.2 million, or 23%, compared to operating income of $35.2 million in the prior year third quarter.
Deere & Company reported net income of $2.860 billion for the second quarter ended April 30, 2023, or $9.65 per share, compared with net income of $2.098 billion, or $6.81 per share, for the quarter ended May 1, 2022.
Valmont reported ag sales of $332.2 million, up 8.3% year-over-year, with sales growth led by higher average selling prices of irrigation equipment globally.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.