Strong Start to New Year for John Deere
Profits more than doubled, and sales jumped 32 per cent in the first quarter, for John Deere.
Friday the company reported net income of 1.9 billion dollars for November through January, compared to 900 million at this time a year ago. Worldwide sales totaled 11.4 billion dollars, up from 8.5 billion last year.
Spokeswoman Jen Hartmann calls it a "phenomenal quarter" - sales and profits rose for all divisions and in all regions.
"What we've seen is just a strong reduction in used equipment inventory, and the need for farmers to re-furbish their fleets. For contractors who are seeing higher demand thanks to the infrastructure bill of last year and those projects starting to come to fruition."
The company also raised its forecast for net income this year by three-quarters of a billion dollars. Hartmann says Deere has already booked orders well into the fourth quarter for both ag and construction divisions.
(nov 2022 forecast 8-8.5 bill, feb 2023 forecast 8.75-9.25 bill)