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.
In North America, industry volume was up 19% year over year in the first quarter 2023 for tractors over 140 HP and was down 16% for tractors under 140 HP; combines were up 116% from a severely disrupted industry in the first quarter of 2022.
Art’s Way, a manufacturer and distributor of niche farm machinery, modular buildings and tools, reported on Feb. 4 that its consolidated net sales for the fiscal year ended on Nov. 30, 2018, declined by 4.8% to $19.7 million vs. $20.7 million in 2017.
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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.