Deere & Company's net income in its fiscal fourth quarter was $457.2 million, compared with a net loss of $222.8 million in the same period last year. Deere – a maker of outdoor power equipment as well as agricultural and construction equipment - reported fiscal 2010 net income of $1.865 billion, compared to $873.5 million in 2009.
Worldwide net sales and revenues for the fourth quarter increased 35%, to $7.202 billion, and were up 13%, to $26.005 billion, for the full year.
Net sales of the worldwide equipment operations increased 39% for the quarter and 14% for the year. Sales included a favorable currency-translation effect of 1% for the quarter and 3% for the year and price increases of 3% for the quarter and 2% for the year.
Equipment net sales in the United States and Canada increased 41% for the quarter and 14% for the year.
Outside the U.S. and Canada, net sales were up 36% for the quarter and 14% for the year, with a favorable currency-translation effect of 5% for the year.
Company equipment sales are projected to be up 10 to 12% for fiscal 2011 and up about 34% for the first quarter compared with the same periods of the previous year.
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