Deere & Co. today reported net income of $1.884 billion for the third quarter ended July 31, or $6.16 per share, compared with net income of $1.667 billion, or $5.32 per share, for the quarter ended Aug. 1, 2021. The company’s share price dropped 6.8% in pre-market trading on the news that the higher third-quarter profit had missed expectations amid higher costs and product inefficiencies, MarketWatch reported. For the first nine months of the year, net income was $4.885 billion, or $15.88 per share, compared with $4.680 billion, or $14.86 per share, for the same period last year. In the third quarter of 2022, net sales and revenues increased 22% to $14.102 billion, and for the first nine months of 2022 rose 13% to $37.041 billion. “We’re proud of the extraordinary efforts by our employees to increase factory output and get products to customers under challenging circumstances,” said John May, chairman and CEO. “At the same time, our results reflected higher costs and production inefficiencies driven by the difficult supply-chain situation.” The company is forecasting fiscal 2022 net income will be in a range from $7.0 billion to $7.2 billion, a decrease from its previous forecast of $7.0 billion to $7.4 billion. “Looking ahead, we believe favorable conditions will continue into 2023 based on the strong response we have experienced to early-order programs,” said May. “We are working closely with our factories and suppliers to meet higher levels of customer demand next year. Additionally, we are confident the company’s smart industrial strategy and leap ambitions will continue unlocking new value for customers through Deere’s advanced technologies and solutions.”