Deere & Company global and net sales and revenues increased 22%, to $14.102 billion for the third quarter of 2022 and rose 13%, to $37.041 billion for the first nine months of the company’s fiscal year. Net sales for Deere’s Construction and Forestry segment were up 8% for the quarter to $3.269 billion due to price realisation.

Within North America, Deere says, sales of earthmoving equipment are expected to be up approximately 10%, while the compact construction market is forecast to be flat to down 5%. Though demand remains strong for compact construction products, the downward revision reflects extremely low levels of inventory and supply challenges constraining shipments.

With oil and gas activities remaining steady, US infrastructure spending beginning to ramp up and capital expenditure programmes from the independent rental companies driving re-fleeting efforts, end markets for earthmoving are expected to remain strong.