Improving farm and construction equipment markets contributed to higher sales and income numbers for the fourth quarter and full year for John Deere.
The company’s performance benefited from advanced products and a flexible cost structure. John Deere’s 2018 income forecast calls for a net income of $2.8 billion. Net income for Deere and Company was just over $510 million, or $1.57 per share, for the fourth quarter ending on October 29. By way of comparison, 2016 fourth-quarter income attributable to Deere and Company was $285.3 million, or 90 cents per share. The Fiscal year 2017 income totaled $2.159 billion, or $6.68 per share. That compares to $1.54 billion, or $4.81 per share, last year.
Worldwide net sales and revenues increased 23 percent for the fourth quarter, as well as 12 percent for the full year. Samuel R. Allen, John Deer Chair and CEO says the year’s sales and earnings were the fifth-highest in company history. “John Deere has completed another successful year as markets for farm and construction equipment showed improvements, while our actions to build a more durable business model yielded stronger results,” he adds.