Deere & Company has reported a net income of $2.978bn for the third quarter of 2023. This equates to $10.20/share, compared with a net income of $1.884bn, or $6.16/share, for the same quarter in 2022.

For the first nine months of the financial year, net income attributable to Deere & Company was $7.797bn, or $26.35/share, compared with $4.885bn, or $15.88/share, for the same period last year.

The company has reported that worldwide net sales and revenues increased by 12%, to $15.801bn, for the third quarter of 2023 and rose by 24%, to $45.839bn, for the past nine months. Net sales were $14.284bn for the quarter and $41.765bn for nine months, compared with $13bn and $33.565bn last year.

“Reflected by our strong third-quarter results, Deere continues to benefit from favourable market conditions and an operating environment showing further improvement.

“We are also being helped by stabilising conditions in the supply chain, the sound execution of our business plans, and an improving ability to meet demand for our products and serve customers,” said John C May, chairman and chief executive officer of the company.