Deere Reports Record Fourth-Quarter Earnings

By CnAgri Print

Net income attributable to Deere & Company, Moline, Ill., was $687.6 million, or $1.75 per share, for the fourth quarter ended October 31, compared with $669.6 million, or $1.62 per share, for the same period last year.

For fiscal 2012, net income attributable to Deere & Company was $3.065 billion, or $7.63 per share, compared with $2.800 billion, or $6.63 per share, in 2011.

Worldwide net sales and revenues rose 14 percent, to $9.792 billion, for the fourth quarter and increased 13 percent to $36.157 billion for the full year. Net sales of the equipment operations were $9.047 billion for the quarter and $33.501 billion for the year, compared with $7.903 billion and $29.466 billion for the same periods in 2011.

"In the face of continuing global economic pressure, John Deere has completed another record year," said Samuel R. Allen, chairman and chief executive officer. "Our success reflects positive customer response to our lines of innovative equipment coupled with extensive efforts to expand our global competitive position."

During the year, Deere continued with the record introduction of new products, while opening or moving ahead with new factories in China, India, and Brazil. In the U.S., the company announced capacity expansions for tractors, sprayers, and cylinders. "John Deere's performance illustrates the continuing impact of our operating model, which stresses a disciplined approach to cost and asset management," Allen said. "As a result, we are achieving strong financial results and generating high levels of cash flow. These dollars are funding growth activities throughout the world and providing value directly to investors."