A news release from the company credits “disciplined cost management” for its performance in the fourth quarter, which ended November 3. Deere sales worldwide were down nine percent for the entire year and down two percent in the last quarter. Still, the company was able to record net income in the fourth quarter that was $35 million ahead of the fourth quarter last year.
Deere and Company CEO John C. May said rising crop prices and other “improving fundamentals” in the ag sector are setting the stage for stronger demand for Deere’s products in the year ahead.
Deere laid off 35 workers at its Waterloo Works this summer. Deere also offered two rounds of buy-outs to salaried employees throughout the U.S.