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Deere reports net income of $2.25 billion for 4th quarter

The Moline-based company ended fiscal year 2022 at $7.131 billion. Last year it ended at $5.963 billion.

MOLINE, Ill. — Deere & Co. on Wednesday reported fiscal fourth-quarter earnings of $2.25 billion. A press release from the agriculture company says worldwide net sales and revenues increased by 37% to $15.54 billion for the quarter that ended on Oct. 31. 

On a per-share basis, the Moline, Illinois-based company said it had a net income of $7.44.

"Deere's strong performance for both the fourth quarter and full year is a tribute to our dedicated team of employees, dealers, and suppliers throughout the world," said John C. May, chairman and chief executive officer. "We're proud of their extraordinary efforts to overcome supply-chain constraints, increase factory production, and deliver products to our customers." 

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $7.08 per share.

The agricultural equipment manufacturer posted revenue of $15.54 billion in the period. Its adjusted revenue was $14.35 billion, which also beat Wall Street forecasts. Eight analysts surveyed by Zacks expected $13.64 billion.

For the year, the company reported a profit of $7.13 billion, or $23.28 per share. Revenue was reported as $47.92 billion.

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