Deere & Company reports net income of $903 million for 2022 first quarter

Deere & Company
Deere & Company(KWQC/Associated Press)
Published: Feb. 18, 2022 at 12:23 PM CST
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MOLINE, Ill. (KWQC) - Deere & Company just released its 2002 first-quarter earnings report.

The Moline-based company reported a net income of $903 million for the first quarter, that’s compared with a net income of $1.224 billion from last year.

In a press release, the company says worldwide net sales and revenues increased 5 percent, to $9.569 billion for the first quarter of 2022. Net sales of equipment operations were $8.531 billion for the quarter, compared with $8.051 billion last year.

“Deere’s performance in the first quarter was impressive given production issues surrounding the delayed ratification of our UAW contract in late November as well as persistent challenges posed by the supply chain and pandemic,” said John C. May, chairman and chief executive officer. “These factors led to higher production costs in the quarter. We continue to work closely with key suppliers to manage the situation, enabling our customers to deliver food production and critical infrastructure. We are proud of the extraordinary efforts being taken by our dealers and employees to get products to our customers as soon as possible in today’s challenging environment.”

Friday Deere & Co. announced new goals, known as the Leap Ambitions, that are linked to the Smart Industrial strategy and operating model introduced in 2020. The ambitions are designed to boost economic value and sustainability for Deere’s customers, as well as for employees, investors, and other stakeholders. More information about these goals can be found on the Deere & Co. website.

“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from strong fundamentals,” May said. “At the same time, we are excited about the opportunities to create value for our customers and other stakeholders as outlined in our goals. Because of the hard work that has been done executing the Smart Industrial operating model, we are leveraging technology that delivers improved customer profitability, productivity, and sustainability.”

Deere & Co. said its net income is projected to be from $6.7 billion to $7.1 billion in the 2022 fiscal year.

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