MOLINE, Ill. – Deere and Co. reported net income of $903 million for the first quarter ending Jan. 30, or $2.92 per share, the company said in a news release.
By comparison, the company reported 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 $9.56 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 (United Auto Workers) contract in late November, as well as persistent challenges posed by the supply chain and pandemic,” Chairman and CEO John C. May said. “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.”