Deere reports lower fourth-quarter net income; sales up 5% for 2019
BPC Staff Nov 27, 2019 | 4:52 pm
1 min read time166 wordsAll Latest News, Insurance & Investments, Manufacturing & Logistics
Deere & Co. reported net income of $722 million for its fourth quarter ended Nov. 3, or $2.27 per share, compared with $785 million, or $2.42 per share, for the same quarter a year ago. For fiscal 2019, net income was $3.25 billion, or $10.15 per share, compared with $2.37 billion, or $7.24 per share, in 2018. Worldwide net sales and revenues increased 5% in both the fourth quarter and full year of 2019 to $9.9 billion and $39.26 billion, respectively. The company’s full-year 2020 forecast calls for net income of $2.7 billion to $3.1 billion, reflecting uncertainties in equipment operations. “John Deere’s performance reflected continued uncertainties in the agricultural sector,” said John May, CEO. “Lingering trade tensions coupled with a year of difficult growing and harvesting conditions have caused many farmers to become cautious about making major investments in new equipment.” However, general economic conditions remained favorable, which led to a record year for sales and operating profit in Deere’s construction and forestry business, he said.