Deere announces Q2 financial results and predicts continued growth for 2023
By Andy Brown25 May 2023
John Deere has announced that in the second quarter of 2023 sales for its construction and forestry equipment totalled US$4.1 billion, up 23% from the same period a year ago.
The US-based OEM added that it expects sales for construction equipment in 2023 to be up around 15% and that its operating margin would increase to 18-19%. Deere said that, in its home market of North America it expected an increase of sales of up to 5%.
The OEM – which owns the Wirtgen Group – said that it expects road construction sales to remain at the same level in 2023 as in 2022.
“As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” said John C. May, chairman and CEO.
May added that, “supply-chain constraints continue to present a challenge” but that the issue was improving.
For the company as a whole, including all segments, John Deere net sales were up 34% in the second quarter compared with Q2 2022, to US$16.1 billion.