Deere announces Q2 financial results and predicts continued growth for 2023

John Deere 145X-Tier E-Power excavator concept. (Photo: John Deere)

John Deere has announced that in the second quarter of 2023 sales for its construction and forestry equipment totalled US$4.1 billion, up 23% from the same period a year ago.

The US-based OEM added that it expects sales for construction equipment in 2023 to be up around 15% and that its operating margin would increase to 18-19%. Deere said that, in its home market of North America it expected an increase of sales of up to 5%.

The OEM – which owns the Wirtgen Group – said that it expects road construction sales to remain at the same level in 2023 as in 2022.

“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 CEO.

May added that, “supply-chain constraints continue to present a challenge” but that the issue was improving.

For the company as a whole, including all segments, John Deere net sales were up 34% in the second quarter compared with Q2 2022, to US$16.1 billion.