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Deere reports strong Q4, year-end earnings; quarterly sales up 16%


A week after ratifying a new six-year labor contract with its workers following a five-week strike, Deere & Co. this morning reported net income of $1.28 billion for the fourth quarter ended Oct. 31. Fourth-quarter earnings of $4.12 per share were up from $2.39 per share a year ago. For fiscal year 2021, net income attributable to Deere was $5.96 billion, or $18.99 per share, compared with $2.75 billion, or $8.69 per share, in 2020. Worldwide net sales and revenues increased 16%, to $11.33 billion, for the fourth quarter of 2021 and rose 24%, to $44.02 billion, for the full year. “Deere’s strong fourth-quarter and full-year performance was delivered by our dedicated employees, dealers and suppliers throughout the world, who have helped safely maintain our operations and serve customers,” said John May, chairman and CEO, who said last week’s labor agreement “shows our ongoing commitment to delivering best-in-class wages and benefits.” May said Deere anticipates demand for farm and construction equipment to “continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure,” but acknowledged that supply chain pressures will continue to pose challenges.

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