Deere closes out tough year, forecasts improving conditions for 2021
BPC Staff Nov 25, 2020 | 5:26 pm
1 min read time191 wordsAll Latest News, Insurance & Investments, Manufacturing & Logistics
Deere & Co. reported net income of $757 million for Its fourth quarter ended Nov. 1, or $2.39 per share, compared with net income of $722 million, or $2.27 per share, for the same quarter a year ago. For fiscal 2020, net income attributable to Deere & Co. was $2.75 billion, or $8.69 per share, compared with $3.25 billion, or $10.15 per share, in 2019. Worldwide net sales and revenue decreased 2%, to $9.73 billion, for the fourth quarter of 2020 and were down 9%, to $35.54 billion, for the full year. Equipment operations net sales were $8.66 billion for the quarter and $31.27 billion for the year, compared with corresponding totals of $8.70 billion and $34.89 billion in 2019. “John Deere delivered another quarter of strong performance and a solid year despite the challenges associated with managing the pandemic,” said John May, chairman and CEO, in an earnings release. The manufacturer forecasts fiscal 2021 net income in the range of $3.6 billion to $4 billion. In the year ahead, Deere expects to benefit from improving conditions in the farm economy and stabilization in construction and forestry markets, according to May.