Deere Announces Third-Quarter Record Earnings

Net income attributable to Deere & Co. in the third quarter was $996.5 million, or $2.56 per share, for the third quarter ended July 31, compared with $788.0 million, or $1.98 per share, for the same period last year. For the first nine months of the year, net income attributable to Deere & Co. was $2.730 billion, or $6.97 per share, compared with $2.377 billion, or $5.88 per share, last year.

Highlights of the company report include:

  • Income jumped 26 percent on 4 percent gain in net sales and revenues.
  • Performance driven by strong profits in farm machinery and financial services.
  • Extensive growth investments remain on track, helping expand company’s global footprint.
  • Full-year income forecast raised to $3.45 billion.

Worldwide net sales and revenues increased 4 percent, to $10.010 billion, for the third quarter and rose 8 percent to $28.345 billion for nine months. Net sales of the equipment operations were $9.316 billion for the quarter and $26.373 billion for nine months, compared with $8.930 billion and $24.454 billion for the same periods last year.

Construction and forestry sales decreased 11 percent for the quarter and 8 percent for nine months mainly as a result of lower shipment volumes. Operating profit was $107 million for the quarter and $259 million for nine months, compared with $113 million and $356 million last year.

“John Deere is well on the road to another year of impressive performance after reporting record third-quarter results,” said Samuel R. Allen, chairman and chief executive officer. “Sales and income for the period were higher than in any prior third quarter,” he pointed out. “Deere’s success is a reflection of considerable strength in the farm sector, especially in North and South America. We also are making further progress executing our wide-ranging operating and marketing plans, which call for expanding our global market presence while keeping a close watch on costs and assets,” he said.

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