Deere and Company sets another record

Nov 20, 2013

 For the fourth year in a row, Deere and Company set yet another earnings record. The company announced net income of 3.5 billion dollars for the fiscal year that ended in October. That's nine-dollars-and-nine-cents per share, compared to 7-63 last year. 

Worldwide sales and revenue rose five percent to nearly 37.8 billion dollars.  Deere says sales of farm and landscape equipment increased seven percent for the full year. But the company expects a six percent decrease next year because of lower commodity prices compared to this year. 

Construction and forestry sales dropped eight percent, but next year are forecast to increase ten percent. Deere says that's due to the continuing economic recovery in the US and more home construction.Chairman and CEO, Sam Allen, says the company's "all-time high" profits are the result of rigorous management of costs and assets, a record number of new products, and the completion of seven new factories in Brazil, Russia, India, and China. For 2014, Deere and Company predicts it will earn 3.3 billion dollars, down about 200 million from this year.