Deere Earnings Increase In 4th Quarter, 2017

Nov 22, 2017

Deere and Company is recovering from three years of a global farm recession and weak construction markets. 

In an earnings report released Wednesday morning, the company reports a sales and revenue increase of 23 percent for the quarter and 12 percent for the fiscal year that ended on October 31.

Deere Spokesman Ken Golden says sales and earnings for 2017 are the fifth highest in company history.

"Sales in both of our major equipment divisions have increased this year—increased beyond our expectations," Golden says. "But also, our business plan to expand the company geographically in product lines and in controlling costs has benefited the company."

Net income for the quarter was $510 million, up from $285 million for the same quarter a year ago. This year's net income was $2.1 billion, compared to $1.5 billion in 2016.

Deere and Company is projecting even higher earnings for 2018.