Deere & Co. posted net sales and revenues of $12.1 billion in the second quarter of 2021, up 30 percent over the same period a year ago. Year-to-date revenue is up 25 percent to $21.2 billion.
“While the company is clearly performing at a high level, Deere expects to see increased supply-chain pressures through the balance of the year,” said John C. May, chairman/CEO, in a prepared statement. “We are working closely with key suppliers to secure the parts and components that our customers need to deliver essential food production and infrastructure. Despite these challenges, Deere is on track for a strong year and we believe is well-positioned to unlock greater value for our customers and other stakeholders in the future.”
Net income was also up for the quarter, at $1.8 billion. In Q2 2020, net income was $666 million. For the first half of the fiscal year, net income is $3.0 billion compared with $1.2 billion in the same period of 2020.
Deere Construction Q2 Sales
Construction and forestry recorded net sales of $3.1 billion for the second quarter, up 36 percent from Q2 2020 sales of $2.3 billion. Operating profit jumped 409 percent to $489 million from $96 million in Q2 2020. Deere attributed sales gains to “higher shipment
volumes, price realization, and the favorable effects of foreign currency translation.”
