In their Q2 financial release on May 19, Deere on Friday reported earnings after taxes of $2.86 billion across all its business for the second quarter that ended April 30, an increase of 36% over the same quarter a year ago.
The report also noted that net sales of the Production and Precision Ag section were up 53% from Q2 in 2022. Rachel Bach, Manager of Investor Communications for Deere & Company, noted the increase is "primarily due to increased shipment volumes and price realization".
Graph Provided by: Deere & Company Earnings Call Presentation
“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 chief executive officer. “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.”
