Director, Global Public Relations
Deere & Company
Deere Reports Earnings of $510 Million for Fourth Quarter and $2.159 Billion for Year
Improving markets for farm and construction equipment contribute to higher results for both fourth quarter and full year.
Performance shows continued benefit from advanced products, flexible cost structure.
2018 forecast calls for net income of $2.6 billion.
MOLINE, Illinois (November 22, 2017) — Net income attributable to Deere & Company was $510.3 million, or $1.57 per share, for the fourth quarter ended October 29, 2017, compared with $285.3 million, or $0.90 per share, for the quarter ended October 30, 2016. For fiscal 2017, net income attributable to Deere & Company was $2.159 billion, or $6.68 per share, compared with $1.524 billion, or $4.81 per share, in 2016.
Worldwide net sales and revenues increased 23 percent, to $8.018 billion, for the fourth quarter and increased 12 percent, to $29.738 billion, for the full year. Net sales of the equipment operations were $7.094 billion for the quarter and $25.885 billion for the year, compared with respective totals of $5.650 billion and $23.387 billion in 2016.
“John Deere has completed another successful year as markets for farm and construction equipment showed improvement and our actions to build a more durable business model yielded strong results,” said Samuel R. Allen, chairman and chief executive officer, adding that the...