Construction Industry News
Deere & The company's global and net sales and revenues grew 22% to $14.102 billion for the third quarter of 2022 and increased 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 increased 8% in the quarter to $3.269 billion as a result of price realization.
Within North America, Deere says, sales of construction equipment are expected to grow by about 10%, while the compact construction market is expected to remain flat at 5%. While demand for compact construction products remains strong, the downward revision reflects extremely low inventory levels and delivery issues limiting shipments.
With oil and gas operations remaining stable, infrastructure spending in the US starting to pick up and capital spending programs by the independent rental companies fueling renewed efforts, earthmoving end markets are expected to remain strong.
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