Deere Construction Sales Increase 14%

Construction and forestry, third quartertotal income from salesincreased to $3.7 billion, up 14% from the third quarter of 2022. the company cited pricing realization and increased shipments. Operating profit for the segment, which includes Wirtgen, increased 391 TP3T, again attributable to pricing and volume. fiscal 2023 construction and forestry sales are expected to increase 151 TP3T to 201 TP3T, with price realization increasing 111 TP3T.

Global corporate sales increased 12% to $15.8 billion in the quarter, compared to $14.1 billion in the third quarter of 2022. Production and precision agriculture sales increased 121 TP3T to $6.8 billion, while small farming and turf sales increased 31 TP3T to $3.7 billion and financial services increased 361 TP3T to $1.2 billion.

“Strong third-quarter results reflect Deere's continued benefit from favorable market conditions and a further improved operating environment,” said John C. May, chairman and chief executive officer, in a statement.“ "supply chainsWe were also helped by the stabilization of our position, the good execution of our business plan, and the improvement of our ability to meet product demands and serve our customers.

May said, “Deere is on the verge of another year of extraordinary achievement, thanks in large part to the agricultural andConstructionof positive fundamentals and the strong commitment of the Deere team, including our dealers and suppliers.” “Fundamentals are expected to continue to drive strong demand for our equipment, supported by strong advance orders.”