Deere & Company Releases Strong Results

Moline, Illinois, United States: Deere & Company reported net income of US$1.667 billion for the third quarter ended August 1, 2021, or US$5.32 per share, compared with net income of US$811 million, or US$2.57 per share, for the quarter ended August 2, 2020.

For the first nine months of the 2021 fiscal year, net income attributable to Deere & Company was US$4.680 billion, or US$14.86 per share, compared with US$1.993 billion, or US$6.30 per share, for the same period last year.

Worldwide net sales and revenues increased 29 per cent, to US$11.527 billion, for the third quarter of 2021 and rose 27 per cent, to US$32.697 billion, for nine months.

Net sales of the equipment operations were US$10.413 billion for the quarter and US$29.461 billion for nine months, compared with US$7.859 billion and US$22.612 billion for the same periods last year, respectively.

“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,” said John C. May, Chairman and Chief Executive Officer.

“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,” he added.

Net income attributable to Deere & Company for fiscal 2021 is forecasted to be in a range of US$5.7 billion to US$5.9 billion.

May said: “Looking ahead, we expect demand for farm and construction equipment to continue benefiting from favourable fundamentals. We are, at the same time, excited by the growing engagement with our digital platform, the John Deere Operations Centre, as well as continued adoption of precision technologies, which unlock greater value for our customers.”

John Deere is an Executive Member of the Asian Golf Industry Federation.

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