Deere Reports Record Q3 Earnings

August 15, 2012

Deere & Company announced worldwide net income of $788 million for the third quarter ended July 31, compared with $712.3 million for the same period last year.

For the first nine months of the year, net income attributable to Deere was $2.377 billion, compared with $2.130 billion last year. Worldwide net sales and revenues increased 15 percent, to $9.590 billion, for the third quarter, and rose 13 percent to $26.365 billion for nine months.

In Construction & Forestry,

sales increased 23 percent for the quarter and 24 percent for nine months mainly due to higher shipment volumes and price realization. Operating profit was $113 million for the quarter and $356 million for nine months, compared with $110 million and $304 million last year. Results were up for both periods primarily due to the impact of price realization and higher shipment volumes.

 

Deere forecasts its worldwide sales of construction and forestry equipment to increase by about 17 percent for 2012. While construction equipment sales in the U.S. continue to show strong recovery, Deere has experienced slower than expected sales activity in some international markets. World forestry markets are projected to be flat in comparison to 2011.

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