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Deere’s quarterly net income tops $1.6 billion; revenue up 29%


Equipment manufacturer Deere & Co. today reported net income of $1.67 billion for the third quarter ended Aug. 1, or $5.32 per share, compared with $811 million, or $2.57 per share, a year ago. For the first nine months of the 2021 fiscal year, net income attributable to the company was $4.68 billion, or $14.86 per share, compared with $1.99 billion, or $6.30 per share, for the same period last year. Worldwide net sales and revenues increased 29% to $11.53 billion for the third quarter, and rose 27% to $32.70 billion for the nine months. “Our strong results, driven by essentially all product categories, are a testament to the exceptional efforts of our employees and dealers to keep our factories running and customers served while enduring significant supply-chain pressures,” John May, chairman and chief executive officer, said in a prepared statement. “We also made strategic investments in the quarter aligned with our smart industrial strategy. They will further our efforts to help our customers achieve improved profitability, productivity, and sustainability through the effective use of technology.” Deere announced earlier this month an agreement to acquire Bear Flag Robotics, a San Francisco-based startup that has developed a Silicon Valley-based startup developing autonomous driving technology compatible with Deere’s existing machines. The world’s largest farm equipment manufacturer now expects net income in fiscal 2021 to be between $5.7 billion and $5.9 billion, up from a range of $5.3 billion to $5.7 billion forecast in May. This is the third upgrade in the company’s earnings estimate in seven months, Reuters reported.

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