Deere (NYSE:DE) watched its shares improve Friday morning, on second-quarter numbers that impressed.
The farm equipment giant reported net income of $2.860 billion for the second quarter ended April 30, 2023, or $9.65 per share, compared with net income of $2.098 billion , or $6.81 per share, for the quarter ended May 1, 2022 . For the first six months of the year, net income attributable to Deere & Company was $4.819 billion, or $16.18 per share, compared with $3.001 billion, or $9.72 per share, for the same period last year.
Worldwide net sales and revenues increased 30%, to $17.387 billion, for the second quarter of 2023 and rose 31%, to $30.038 billion, for six months. Net sales were $16.079 billion for the quarter and $27.481 billion for six months, compared with $12.034 billion and $20 .565 billion last year.
Said CEO John C. May, "As shown by the company's outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment. We also are being helped by the sound execution of our business plans by our employees, dealers, and suppliers. They are doing an exceptional job meeting demand for our products and serving customers. Though supply-chain constraints continue to present a challenge, we are seeing further improvement."
Net income attributable to Deere & Company for fiscal 2023 is forecast to be in a range of $9.25 billion to $9.50 billion.
DE shares soared $15.49, or 4.2%, to $386.01.
