Deere & Company announced a worldwide net loss of US$222.8 million, or $0.53 per share, for the fourth quarter ended Oct. 31, compared with net income of $345.0 million, or $0.81 per share, for the same period last year.
"In the face of intense global economic pressure, John Deere has completed a solidly profitable year and maintained its strong financial condition," said Samuel R. Allen, president and CEO. "All our businesses are benefiting from the consistent execution of plans to keep a tight rein on costs and inventories."
Agriculture & Turf sales declined 26% for the quarter and 14% for the full year largely due to lower shipment volumes. The division had an operating loss of $24 million for the quarter and operating profit of $1.448 billion for the full year. The company said that sorldwide sales of the agriculture and turf division are forecast to decrease by about 4% for full-year 2010, including a favorable currency-translation impact of about 2%.
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