Deere & Company reported net income of $2.369 billion for the fourth quarter ended Oct. 29, 2023, compared with net income of $2.246 billion for the quarter ended Oct. 30, 2022. For fiscal-year 2023, net income attributable to Deere & Company was $10.166 billion compared with $7.131 billion in fiscal 2022.
Worldwide net sales and revenues decreased 1%, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16%, to $61.251 billion, for the full year. Net sales were $13.801 billion for the quarter and $55.565 billion for the year, compared with $14.351 billion and $47.917 billion in 2022.
Production & precision agriculture revenue for the fourth quarter was $7 billion, down 6% from $7.4 billion year-over-year. For the full fiscal year 2023, production & precision ag revenue was $26.8 billion, up 22% from $22 billion in 2022.
John Deere said production and precision agriculture sales decreased for the quarter due to lower shipment volumes partially offset by price realization.
For 2024, John Deere forecast its production & precision ag division would see net sales down 15-20% and price realization up 1.5%.
According to a Nov. 22 note to investors, Stifel analysts said, "We anticipated a softer FY24 outlook from the company, but this was below expectations. Uncertainties around farmer sentiment and commodity prices cloud visibility into 2024."
