Deere Q1 net income $1.959B ($6.55 EPS), up 117% YoY; raises FY2023 outlook to $8.75-9.25B

DEERE & CO

2023-Q1 EPS reported $6.55 revenue$12,652,000,000

Net income $1.959B, EPS $6.55 vs $2.92 prior year; revenue $12.652B (+32%).
Production & Precision Ag sales $5.198B (+55%), operating profit $1.208B (+308%).
Construction & Forestry sales $3.203B (+26%), operating profit $625M (+130%).
Full-year net income forecast raised to $8.75B-$9.25B from prior guidance.
Financial Services net income $185M, down 20% YoY due to less favorable financing spreads.

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