Deere & Company sales for its fiscal year ending in October rose 19 percent to $52.6 billion. Net income for the year rose 19 percent to $7.1 billion compared to $6.0 billion in fiscal 2021.
Net sales in the construction and forestry segment totaled $12.5 billion for the year, up 10 percent over 2021. Operating profit grew 35 percent to $2.0 billion compared to $1.5 billion in 2021.
Deere said fourth quarter sales in construction and forestry increased primarily due to price realization and higher shipment volumes.
Deere Construction & Forestry, Q4 2022
| $ in millions | 2022 | 2021 | % change |
| Net sales | $3,373 | $2,806 | 20% |
| Operating profit | $414 | $270 | 53% |
| Operating margin | 12.3% | 9.6% |
The company’s outlook for fiscal 2023 is flat to up 5 percent for both construction equipment and compact construction equipment in North America. Its outlook for global roadbuilding, which includes Wirtgen products, is flat.
Combined, the construction and forestry sales outlook for fiscal 2023 is up about 10 percent, which includes an 8 percent increase in price realization, according to the company.
Source: Deere & Co.
