Deere provides FY23 segment outlook

Sees FY23 Production & Precision Ag net sales up ~20%; Small Ag & Turf net sales up ~5%; Construction & Forestry net sales up 15%-20%. Sees FY23 Financial Services net income $630M. Results are expected to be lower than fiscal year 2022 due to less-favorable financing spreads, a correction of the accounting treatment for financing incentives offered to John Deere dealers (recorded in the second quarter of 2023), a higher provision for credit losses, higher SA&G expenses, and lower gains on operating-lease dispositions. These factors are expected to be partially offset by income earned on a higher average portfolio.