Deere & Company reported net income of $903 million for the first quarter ended Jan. 30, 2022, or $2.92 per share, compared with net income of $1.22 billion, or $3.87 per share, for the quarter ended Jan. 31, 2021.
Worldwide net sales and revenues increased 5% in the first quarter of 2022 to $9.57 billion. Equipment operations net sales were $8.53 billion for the quarter, compared with $8.05 billion in 2021.
"Deere's performance in the first quarter was impressive given production issues surrounding the delayed ratification of our UAW contract in late November as well as persistent challenges posed by the supply chain and pandemic," said John C. May, chairman and chief executive officer. "These factors led to higher production costs in the quarter. We continue to work closely with key suppliers to manage the situation, enabling our customers to deliver food production and critical infrastructure. We are proud of the extraordinary efforts being taken by our dealers and employees to get products to our customers as soon possible in today's challenging environment."
Net income attributable to Deere & Company for fiscal 2022 is forecast to be in a range of $6.7 billion to $7.1 billion.
"Looking ahead, we expect demand for farm and construction equipment to continue benefiting from strong fundamentals," May said. "At the same time, we are excited about the opportunities to create value for our customers and other stakeholders as outlined in our goals. Because of the hard work that has been done executing the Smart Industrial operating model, we are leveraging technology that delivers improved customer profitability, productivity, and sustainability."