![]() ![]() The year-over-year increase was primarily due to favorable price realization and improved shipment volume. Operating profit was $2.17 billion, resulting in a 27.7% operating margin. Currency translation was negative by approximately 3 points. We expect price realization to normalize as inflation continues to subside. Price realization was positive by about 20 points. Net sales of $7.822 billion were up 53% compared to the second quarter last year, and, in fact, more than our own forecast, primarily due to increased shipment volumes and price realization. Taking a closer look at the individual segments, we begin with the Production and Precision Ag business on Slide 4. Net income attributable to Deere & Company was $2.86 billion or $9.65 per diluted share. Net sales and revenues were up 30% to $17.387 billion, while net sales for the equipment operations were up 34% to $16.079 billion. Slide 3 begins with the results for the second quarter. Likewise, the Construction & Forestry division continues to benefit from healthy demand with order books virtually full for the remainder of the fiscal year. Our fundamentals remain healthy, providing a strong second half of fiscal year 2023 and support an order backlog that extends throughout the fiscal year. Across our businesses, outperformance was driven by strong demand, favorable pricing and operational execution enabled by supply chain improvements. Financial results for the quarter included 24% margin for equipment operations. John Deere completed the second quarter with strong performance. Good morning, and thanks, everyone, for joining us today. I will now turn the call over to Rachel Bach. Additional information concerning these measures, including reconciliations to comparable GAAP measures, is included in the release and posted on our website at /earnings under Quarterly Earnings and Events. This call also may include financial measures that are not in conformance with accounting principles, generally accepted in the United States of America, GAAP. ![]() Additional information concerning factors that could cause actual results to differ materially is contained in the company's most recent Form 8-K, Risk Factors in the annual Form 10-K as updated by reports filed with the Securities and Exchange Commission. This call includes forward-looking statements concerning the company's plans and projections for the future that are subject to uncertainties, risks, changes in circumstances and other factors that are difficult to predict. Participants on the call, including the Q&A session, agree that their likeness and remarks in all media may be stored and used as part of the earnings call. Any other use, recording or transmission of any portion of this copyrighted broadcast without the express written consent of Deere is strictly prohibited. This call is being broadcast live on the Internet and recorded for future transmission and use by Deere & Company. They can be accessed on our website at /earnings.įirst, a reminder. Please note that slides are available to complement the call this morning. After that, we'll respond to your questions. Today, we'll take a closer look at Deere's second quarter earnings, then spend some time talking about our markets and our current outlook for fiscal year 2023. Kanlaya Barr, Director of Corporate Economics and Rachel Bach, Manager of Investor Communications. Also on the call today are Josh Jepsen, Chief Financial Officer Dave Gilmore, Senior Vice President, Ag and Turf Sales and Marketing. Brent Norwood, Director of Investor Relations. ![]() (Operator Instructions) I would now like to turn the call over to Mr. Good morning, and welcome to Deere & Company's Second Quarter Earnings Conference Call. Machinery Analyst Citigroup Inc., Research Division Presentation Tami Zakaria Analyst JPMorgan Chase & Co, Research Division Steven Fisher Executive Director and Senior Analyst UBS Investment Bank, Research Division Stanley Stoker Elliott VP & Analyst Stifel, Nicolaus & Company, Incorporated, Research Division Robert Cameron Wertheimer Founding Partner, Director of Research & Research Analyst Melius Research LLC Nicole Sheree DeBlase Director & Lead Analyst Deutsche Bank AG, Research Division Matthew Youssef Elkott Director and Transportation, OEMs & Technology Analyst TD Cowen, Research Division John Phillip Joyner Machinery Analyst BMO Capital Markets Equity Research Jamie Lyn Cook MD, Sector Head of United States Capital Goods Research and Analyst Crédit Suisse AG, Research Division Rachel Bach Manager of Investor Communications Deere & Company Kanlaya Barr Director of Corporate Economics Deere & Company Brent Norwood Director of IR Deere & Companyĭavid Christopher Gilmore SVP of Global Sales & Marketing and Region 3 - John Deere Financial Deere & Company ![]()
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