Deere & Company reports growth in Q3 versus 2020

MOLINE, Illinois (KWQC) — Deere & Company Friday reported net income of $1.667 billion, or $5.32 per share, for its third quarter ended Aug. 1, the company said in a press release.

That compares to net income of $811 million, or $2.57 per share, for the quarter ended August 2, 2020.

Our strong results, driven by virtually all product categories, are a testament to the exceptional efforts of our employees and dealers to keep our plants running and serving customers while enduring significant pressure in the supply chain, John C. May, chairman and chief executive officer, said in the issue. We also made strategic investments in the quarter in line with our smart industrial strategy. They will continue our efforts to help our customers achieve improved profitability, productivity and sustainability through effective use of technology.

For the first nine months of the fiscal year, net income attributable to Deere & Company was $4.680 billion, or $14.86 per share, compared to $1.993 billion, or $6.30 per share, for the same period last year, it said. the company in the release.

Global net sales and revenues were up 29% to $11.527 billion, for the third quarter of 2021, and up 27% to $32.697 billion, over nine months, according to the release.

Net sales from the equipment business were $10.413 billion for the quarter and $29.461 billion for nine months, compared to $7.859 billion and $22.612 billion, respectively, for the same periods last year, according to the release.

Net income attributable to the company for the fiscal year is expected to be between $5.7 billion and $5.9 billion.

Looking ahead, we expect demand for agricultural and construction equipment to continue to benefit from favorable fundamentals, May said in the press release. At the same time, we are excited about the growing commitment to our digital platform, the John Deere Operations Center, as well as the continued adoption of precision technologies that unlock more value for our customers.

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