(AOF) – Farm equipment maker Deere & Company reported net income of $2.86 billion for the second quarter ended April 30, 2023 (or $9.65 per share) versus net income of $2.09 billion ($6.81 per share) for the three months ended May 1, 2022. For the first six months of the year, net attributable income was $4.81 billion, or 16, $18 per share, compared to $3.001 billion, or $9.72 per share, for the same period a year earlier.
Globally, its net sales and revenues increased by 30%, to $17.38 billion, in the second quarter of 2023 and by 31%, to $30.03 billion in the first half.
Net sales were $16.07 billion for the second quarter compared to $12.03 billion for the same period last year. They amounted to 27.48 billion dollars for the semester against 20.56 billion dollars last year at the same period.
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German autonomy not so simple
China has been Germany’s leading economic partner for six years. However, across the Rhine, companies are called upon to reduce their heavy dependence on the Asian giant due to a rise in geopolitical tensions with the country. In this context, the powerful VDMA points out the importance of the Chinese market and the danger that a too sudden termination of ties with China would represent. The country is, in fact, the second export market and the first investment destination for German mechanical and industrial engineering. The federation nevertheless recognizes the need to diversify the trading partners of the German economy.