Deere and Company's Record Third Quarter Earnings
August 14, 2013
Deere and Company has set yet another record. Wednesday the company announced net income for the third quarter totaled 997 million dollars, or $2.56 per share, compared to $1.98 per share a year ago, an increase of 27 percent.
Deere spokesman, Ken Golden, says with these new numbers, the company has raised its forecast for full year profits to another record, more than 3.4 billion dollars.
"It's our thirteenth consecutive record when you compare quarter over quarter for earnings," said Golden. "So it's a very good report today for Deere and its employees. It's really the result of not only strong markets, but also really good execution of our plans. Our employees have worked hard to make sure that we're running efficiently, and that we're marketing the product well."
Golden says the 27 percent increase in profits is due to booming agricultural activity in North and South America.
Worldwide equipment sales rose 4 percent. Sales for the Agriculture and Turf division jumped 8 percent on higher demand and higher prices. Construction and forestry sales, though, dropped 11 percent.
Despite some possible problems in the fourth quarter, when its fiscal year ends this fall, Deere predicts overall sales will be up about 5 percent over last year. That includes a 7 percent increase for agriculture and turft and an 8 percent drop for construction and forestry.