Deere profits surge with demand

WORLD NEWS: Farming equipment maker John Deere has today reported a stronger than expected 26 per cent increase in third-quarter earnings on strength in the farming sector in North and South America.

Among the highlights include:

  • Income jumps 26 per cent on 4 per cent 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 US$3.45bn.

Deere, which makes agricultural tractors as well as forestry and construction equipment, said it earned US$996.5m, or US$2.56 a share, in the three months to July, up from US$788m, or US$1.98 a share, during the same period last year. Sales rose 4 per cent to US$10.01bn, from US$9.59bn.

The Illinois-based company said sales of all new equipment, including John Deere tractors, rose 4 per cent during the quarter. The rise in revenues was driven by sales of agricultural and turf equipment, which account for nearly 80 per cent of all sales and rose 8 per cent year on year.

The full press release on its results is available here.

Comments

Please be considerate of others when commenting. All comments posted are subject to our commenting policy. Comments violating this policy will be removed without notice.