Deere & Company , MOLINE, Illinois (November 21, 2018): Deere & Company reported net income of $784.8 million for the fourth quarter ended October 28, 2018. Facts: Fourth-quarter earnings increase 54%; net sales rise 18% to $8.3 billion. Advanced technology and product features earn positive response from customers. Construction & Forestry results boosted by successful integration of Wirtgen unit. Forecast for 2019 calls for net income of approximately $3.6 billion on sales gain of about 7%.
Worldwide net sales and revenues increased 17 percent, to $9.416 billion, for the fourth quarter and rose 26 percent, to $37.358 billion, for the full year. Net sales of the equipment operations were $8.343 billion for the quarter and $33.351 billion for the year, compared with respective totals of $7.094 billion and $25.885 billion in 2017.
Samuel R. Allen, chairman and chief executive officer:
“John Deere has concluded another solid year in which the company benefited from a further improvement in market conditions and a favorable customer response to its lineup of advanced products,” said Samuel R. Allen, chairman and chief executive officer. “In the fourth quarter, farm machinery sales in the Americas made further gains while construction-equipment sales continued to move higher, helped in part by our Wirtgen road-building business, whose financial contribution has exceeded our original forecasts. At the same time, the company has continued to face cost pressures for raw materials such as steel, which are being addressed through pricing actions and ongoing cost management.”
Added Allen, “The company’s strong performance has allowed for significant investment in new products, services, and technologies. In addition, the company in 2018 returned almost $1.8 billion to shareholders in higher dividends and the repurchase of over $900 million of stock. These steps reflect the strength of the company and our optimism about its future prospects.”
Company Outlook & Summary:
“Deere’s performance in 2018 provides further evidence of the company’s success executing its strategic initiatives, especially those focused on developing precision technologies and a wider range of revenue sources,” commented Allen. “In our view, the company remains well-positioned to capitalize on growth in the world’s agricultural and construction equipment markets. The replacement cycle for farm machinery is very much alive, despite tensions over global trade and other geopolitical issues. In addition, we are experiencing a strong response to the advanced features and technology found in our new products, which are helping attract customers throughout the world. Based on these factors, we remain confident in the company’s present direction and believe Deere is poised to deliver improved operating performance and significant value to its customers and investors in the future.”
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Quelle: Deere & Company