Deere and Company, the world’s largest ag equipment maker and Iowa’s largest manufacturing employer, achieved record profits for the fourth quarter. The Moline, Illinois-based company is reporting earnings of $1.07 per share for the quarter ended October 31st.
That compares with a loss of 53 cents per share a year ago, but reversed fortunes this year, fueled in part by “highly favorable sales” of large farm machinery, like combines. The company continues to record weak sales of its construction equipment, however net sales of all its equipment increased 39% worldwide in the last quarter.
For fiscal year 2010, Deere says earnings were $4.35 per share, up from $2.06 in 2009. C.E.O. Samuel Allen says despite weakness in some regions and business sectors, the strong performance for the fourth quarter and the year reflect a disciplined approach in executing Deere’s business plans.
The company is expecting profits of $2.1 billion in fiscal 2011, an increase of more than 10 percent from this year.
By Phil Roberts, Davenport
See the complete Deere financial report here: www.deere.com/en_US/ir/financialdata/2010/fourthqtr10.html