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Deere reports third-quarter earnings of $2.98 billion


Deere & Co. on Friday reported fiscal third-quarter earnings of $2.98 billion. The Moline, Ill.-based company also said it had a profit of $10.20 on a per-share basis. Deere reported a net income of $2.86 billion, or $9.65 per share, for the second quarter and a net income of $1.88 billion, or $6.16 per share, for the third quarter of 2022. The results beat Wall Street expectations, which estimated earnings of $8.14 per share, according to 12 analysts surveyed by Zacks Investment Research. The agricultural equipment manufacturer’s reported revenue was $15.8 billion, and its adjusted revenue was $14.28 billion, which also beat Wall Street forecasts. Nine analysts surveyed by Zacks expected $14.23 billion. “Reflected by our strong third-quarter results, Deere continues to benefit from favorable market conditions and an operating environment showing further improvement,” John May, Deere chairman and chief executive officer, said in a prepared statement. “We are also being helped by stabilizing conditions in the supply chain, the sound execution of our business plans and an improving ability to meet demand for our products and serve customers.”

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