DEERE REPORTS RECORD THIRD-QUARTER EARNINGS
Aug. 23, 2010
Source: John Deere press release
MOLINE, IL -- Net income attributable to Deere & Company (NYSE: DE) was $617.0 million, or $1.44 per share, for the third quarter ended July 31, compared with $420.0 million, or $0.99 per share, for the same period last year.
For the first nine months of the year, net income attributable to Deere & Company was $1.408 billion, or $3.28 per share, compared with $1.096 billion, or $2.59 per share, last year.
Worldwide net sales and revenues increased 16 percent, to $6.837 billion, for the third quarter and were up 6 percent, to $18.803 billion, for nine months. Net sales of the equipment operations were $6.224 billion for the quarter and $17.009 billion for nine months, compared with $5.283 billion and $16.030 billion for the corresponding periods last year.
"John Deere's third-quarter performance reflected the disciplined execution of our business plans and occurred despite continued weakness in certain key sectors," said Samuel R. Allen, chairman and chief executive officer. "While we have benefited from positive conditions in the U.S. farm sector, particularly in terms of demand for large equipment, European markets are down sharply. Demand for construction and forestry equipment is improved from last year but still remains far below normal levels. Nevertheless, the company has continued to extend its competitive position as a result of our focus on serving customers with advanced new products while keeping a tight rein on costs and assets."