Outdoor power equipment maker Deere & Company reported that income was up 17% in the fourth quarter of its fiscal year. Net income was $806.8 million in the quarter, which ended Oct. 31, 2013, up from $687.6 million in the same period of the previous year.
Full-year earnings were a record $3.537 billion, up from $3.065 billion in fiscal year 2012.
Worldwide net sales and revenues were down 3%, to $9.451 billion, for the fourth quarter and were up 5%, to $37.795 billion, for the full year.
Net sales of the equipment operations were $8.624 billion in the quarter, up from $9.047 billion, and $34.998 billion for the year, up from $33.501 billion.
"During the year, Deere continued with a record number of product introductions and completed seven new factories, in Brazil, Russia, India, and China," said Samuel R. Allen, chairman and CEO. "These products and additional capacity are essential to helping the company expand its global customer base and realize its long-term business objectives."
In the Agriculture & Turf segment of its Equipment Division 4Q sales were down 4%. This is the segment that includes residential outdoor power equipment. The reduction came from lower shipments and unfavorable currency effects. In the full year sales were up 7%. Operating profit was $996 million, up from $931 million, for the quarter. Operating profits were $4.680 billion for the year, up from $3.921 billion in 2012.
Worldwide sales of agriculture and turf equipment are forecast to be down 6% for fiscal year 2014--this forecast anticipates the sale of its John Deere Landscapes wholesaler operations as well as lower farm incomes in 2014.
In the U.S. and Canada, industry sales of turf and utility equipment are expected to be up about 5% in 2014.
The company forecast income of $3.3 billion in 2014.
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