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Deere & Company shows growth in the third quarter compared to 2020

Sophomores attended John Deere Career Information Day at Moline High School on Tuesday. (KWQC)
Sophomores attended John Deere Career Information Day at Moline High School on Tuesday. (KWQC)(KWQC)
Published: Aug. 21, 2021 at 6:30 AM CDT
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MOLINE, Ill. (KWQC) - Deere & Company Friday reported a net income of $1.667 billion, or $5.32 per share, for the third quarter that ended on Aug. 1, the company said in a media release.

That’s compared to a net income of $811 million, or $2.57 per share, for the quarter that ended on Aug. 2, 2020.

“Our strong results, driven by essentially all product categories, are a testament to the exceptional efforts of our employees and dealers to keep our factories running and customers served while enduring significant supply-chain pressures,” John C. May, chairman and chief executive officer, said in the release. “We also made strategic investments in the quarter aligned with our smart industrial strategy. They will further our efforts to help our customers achieve improved profitability, productivity, and sustainability through the 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 with $1.993 billion, or $6.30 per share, for the same period last year, the company said in the release.

Worldwide net sales and revenues increased 29% to $11.527 billion, for the third quarter of 2021 and rose 27%, to $32.697 billion, for nine months, according to the release.

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

Net income attributable to the company for the fiscal year is forecasted to be in the range of $5.7 billion to $5.9 billion.

“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from favorable fundamentals,” May said in the release. “We are, at the same time, excited by the growing engagement with our digital platform, the John Deere Operations Center, as well as continued adoption of precision technologies, which unlock greater value for our customers.”

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