Deere & Co. reported its second quarter 2022 earnings on May 20. Small agriculture and turf sales were $3.6 billion, up 5% from $3.4 billion during the same period last year. The increase was due to price realization partially offset by the unfavorable impact of currency translation. Operating profit decreased primarily due to higher production costs, a less-favorable sales mix, and higher selling, administrative, and general and research and development expenses. These items were partially offset by price realization.

Deere reported total net income of $2.1 billion for the second quarter compared with net income of $1.8 billion for the same period last year. For the first 6 months of the year, net income attributable to Deere & Co. was $3 billion, flat with the same period last year. 

Net sales and revenues increased 11%, to $13.4 billion, for the second quarter of 2022 and rose 8% to about $23 billion, for 6 months. Net sales were $12 billion for the quarter and $20.6 billion for 6 months.

“Deere’s second-quarter performance reflected a continuation of strong demand even as we face supply-chain pressures affecting production levels and delivery schedules,” said John C. May, chairman and chief executive officer. “Deere employees, suppliers, and dealers are working hard to address these challenges. We are proud of their extraordinary efforts to get products to our customers as soon as possible under the challenging circumstances.”

Click here for more Industry News.