Deere Construction Sales Increase by 141%

Construction and Forestry in the Third Quartersales revenueIncreased to US$3.7 billion, representing a 141% increase over the third quarter of 2022. The company cited price realisation and increased shipment volumes. Operating profit for this segment, including Wirtgen, grew by 391%, again attributable to pricing and sales volumes. Sales for Construction and Forestry in fiscal year 2023 are projected to increase by 15% to €20.1 billion, with price realisation rising by 11%.

Global enterprise sales grew by 121% year-on-year to reach $15.8 billion this quarter, compared to $14.1 billion in the third quarter of 2022. Production and precision agriculture sales amounted to $6.8 billion, representing a 121% increase; small farming and turf sales reached $3.7 billion, up 31%; and financial services grew by 361% to $1.2 billion.

Chairman and Chief Executive Officer John C. May stated in a release: “The robust performance in the third quarter reflects Deere's continued benefit from favourable market conditions and a further improved operating environment.”Supply chainThe stabilisation of the situation, the sound execution of our business plans, and the enhanced capability to meet product demand and serve our customers have also been beneficial to us.

Mr May stated: “Deere is poised for another year of remarkable achievements, largely attributable to agriculture andconstruction industryThe positive fundamentals and the steadfast commitment of the Deere team, including our dealers and suppliers. Supported by robust pre-order bookings, these fundamentals are expected to continue driving strong demand for our equipment.”