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Deere Sales Down 9%, Net Income Down 15%

Deere & Company reported net income of $757 million for the fourth quarter that ended November 1, 2020, or $2.39 per share, compared with net income of $722 million for the quarter ending November 3, 2019. 

For fiscal 2020, net income attributable to Deere & Company was $2.751 billion, or $8.69 per share, compared with $3.253 billion, or $10.15 per share, last year. 

Chairman and CEO John May says the company “delivered another quarter of strong performance and a solid year despite the challenges associated with managing the pandemic.” 

Net income attributable to Deere & Company for fiscal 2021 is forecast to be in a range of $3.6 billion to $4.0 billion. 

In the year ahead, Deere expects to benefit from improving conditions in the farm economy and stabilization in construction and forestry markets. 

According to May, “higher crop prices and improved fundamentals are leading to renewed optimism in the agricultural sector and improving demand for farm equipment.”

(Story Courtesy of the NAFB News Service)

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