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Deere Posts Record Second-Quarter Earnings
May 18, 2012
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Outdoor power equipment maker Deere & Company had net income of $1.056 billion for the second quarter of current fiscal year, up from $904.3 million in the second quarter of the previous year. In the quarter ending April 30, 2012,

Deere's net income in the first six months of the year was $1.589 billion, up from $1.418 billion in the first half of the previous year.

Worldwide net sales and revenues increased 12%, to $10.009 billion, in the second quarter and rose 12% to $16.775 billion for the first six months of the fiscal year.

Deere reports on three major business segments: Agriculture & Turf (including residential outdoor power equipment, professional outdoor power equipment, and farm equipment), Construction & Forestry, and Financial Services.

Net sales of the equipment operations (not including Financial Services) were $9.405 billion for the quarter and $15.524 billion for the six months, compared with $8.328 billion and $13.841 billion for the same periods last year.

Equipment net sales in the United States and Canada were up 18% for the quarter and 13% for the first six months. Outside the U.S. and Canada, net sales increased 6% for the quarter and 12% for six months.

"John Deere is well on its way to a year of outstanding performance after reporting an eighth consecutive quarter of record earnings," said Samuel R. Allen, chairman and CEO. He indicated that the company's overall strong results are largely a reflection of the strength of the global farm economy.

Deere forecasts that its worldwide sales of agriculture and turf equipment will increase by about 15% for full-year 2012.

In the United States and Canada, industry sales of turf and utility equipment are expected to be up by about 5 percent for the year.

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