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Deere reports strong results in year of growth

Deere and Co has reported that worldwide net sales and revenues increased 20pc for the fourth quarter of the year, and were up 23pc to €24bn for the year.

Net sales of the equipment operations were €6bn for the quarter and €22bn for the the year.

During the last 12 months, Deere introduced what it says was a record number of new products and announced plans for six factories in China, Brazil and India.

In the US and Canada, equipment net sales rose 14pc for the quarter and 17pc for the year.

While no figures were given for countries within Europe or Europe as a whole, outside the US and Canada, Deere said net sales were up 31pc and 38pc for the respective periods.

Equipment operations reported an operating profit of €713.5m for the quarter and €2.9bn for the year.

Agriculture and turf equipment sales were said to be up 18pc for the quarter and 21pc for the year, while construction and forestry sales rose 34pc for the quarter and were up by a total of 45pc for the year.

Deere says it expects to experience further substantial growth next year.

It says company equipment sales are projected to increase by about 15pc for the year and by between 16 and 18pc for the first quarter, compared with the same periods this year.

Indo Farming