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Exhibit 99.1
(Furnished herewith)
News Release | |
| |
Contact:
Jen Hartmann
Director, Public Relations
HartmannJenniferA@JohnDeere.com
Deere Reports Net Income of $2.369 Billion for Fourth Quarter, $10.166 Billion for Fiscal Year
● | Net income grows for quarter and full year, driven by solid market conditions, differentiated products, and strong execution. |
● | Full-year 2024 earnings forecast to be $7.75 to $8.25 billion, as volumes return to mid-cycle levels. |
● | Ongoing focus on structural profitability, investments that deliver customer value. |
MOLINE, Illinois (November 22, 2023) — Deere & Company reported net income of $2.369 billion for the fourth quarter ended October 29, 2023, or $8.26 per share, compared with net income of $2.246 billion, or $7.44 per share, for the quarter ended October 30, 2022. For fiscal-year 2023, net income attributable to Deere & Company was $10.166 billion, or $34.63 per share, compared with $7.131 billion, or $23.28 per share, in fiscal 2022.
Worldwide net sales and revenues decreased 1 percent, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16 percent, 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.
“Deere’s fourth-quarter and full-year results can be attributed to the successful execution of our Smart Industrial Operating Model and the value that customers recognize in our industry-leading products and solutions,” said John C. May, chairman and chief executive officer. “We must also recognize and credit our dedicated employees, dealers, and suppliers, whose hard work and focus have been instrumental to our overall success.”
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal 2024 is forecasted to be in a range of $7.75 billion to $8.25 billion.
“While our end markets will fluctuate, we remain focused on disciplined execution and strategically investing in solutions that drive customer value,” May said. “As evidenced by our guidance for 2024, we are demonstrating higher levels of through-cycle structural profitability while making our company more resilient and better equipped for the future.”
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Deere Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
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Deere Co provided additional information to their SEC Filing as exhibits
Ticker: DE
CIK: 315189
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-019812
Submitted to the SEC: Fri Dec 15 2023 10:27:39 AM EST
Accepted by the SEC: Fri Dec 15 2023
Period: Sunday, October 29, 2023
Industry: Farm Machinery And Equipment