Deere Record Profits
November 20, 2013
It's getting to be a habit for Deere and Company - another year and more record profits. Today it reported net income jumped 15 per cent during the fiscal year that ended in October to 3.5 billion dollars. Worldwide sales and revenue rose 5 per cent to 37.8 billion dollars.
Spokesman Ken Golden credits strong markets, a record number of new products, and cost cutting by employees.
"The company is a different company than it was even a decade or two ago. We are much more lean, we are much more focussed on the cost of doing businsses, and our employees have worked very hard to put us in the position to be a great global company."
It was the third year in a row for record profits, and the 4th quarter was the 14th quarter in a row with a new record. Golden says Deere forecasts this year will be less profitable, but not by much.
"The farmer in the US and North America is still in great shape and we also see construction coming back with an improved economy. So all in all, we still look at 2014 as being very, very strong."
The company has also just completed seven new factories, in Brazil, Russia, India, and China, and he says that'll make Deere even more competitive in those growing, overseas markets. - Or as he says, "The world needs to eat, and the world needs to build."