Deere Reports Record 4Q Earnings of $688 Million
Nov 26, 2012
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Outdoor power equipment maker Deere & Company reported fourth quarter net income of $687.6 million, up from $669.6 million in the same period last year.
For the full 2012 fiscal year, net income was $3.065 billion, from $2.800 billion in 2011.
Worldwide net sales and revenues rose 14%, to $9.792 billion, in 4Q fiscal 2012, and increased 13% to $36.157 billion for the full year.
Net sales of the equipment operations were $9.047 billion for the quarter and $33.501 billion for the year, from $7.903 billion and $29.466 billion for the same periods in 2011.
Deere had a record number of new product introductions in the fiscal year 2012 and it opened or developed new factories in China, India, and Brazil.
The Agriculture & Turf business of Deere's Equipment Division includes home and professional lawn and garden equipment. Agriculture & Turf sales increased 16% for the quarter and 13% for the fiscal year. Operating profit was $931 million for the quarter and $3.921 billion for the year, compared with $868 million and $3.447 billion in fiscal 2011.
Deere forecasts worldwide sales of agriculture and turf equipment to increase by about 4% in fiscal year 2013 (starting Oct. 31, 2012).
Deere expects U.S. and Canada industry sales of turf and utility equipment to be up about 5% in FY 2013, with some improvement seen in the U.S. economy. Deere's expects its sales to increase more than the industry due to its new products.
Deere's Equipment Division, in addition to Agriculture & Turf, also includes the Construction & Forestry business segment. Deere's other division is Financial Services.
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