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Economy

Deere Reports Big Increases in Sales and Profits

John Deere logo.jpg

Thanks to a strong second half of the year, especially in the final quarter, John Deere reports double digit increases for sale and profits for the past year. Wednesday it announced sales went up 19 per cent, and net income rose 20 per cent.

Spokesperson Jen Hartmann says Deere overcame a strike, plus supply and logistics problems, to end up with what she calls "another un-precedented year."

"We are seeing strong demand in construction due to a lot of the infrastructure that's starting to come back after the last couple years. Strong grain prices, corn and soybean prices are up, and while input costs are still high, there is a strong demand for products."

Sales of construction and forestry equipment went up 20 per cent, while sales of small farm and turf equipment rose 26 per cent. Large ag equipment sales increased 59 per cent over the previous year.

Deere is predicting fiscal year '23 will be even better.

"Our order books are already filled through the third quarter for ag in fiscal year '23, and through the second quarter for construction."

Net income for the just-completed year totaled 7.1 billion dollars, and the prediction for this year is 8 to 8.5 billion dollars.

Economy
A native of Detroit, Herb Trix began his radio career as a country-western disc jockey in Roswell, New Mexico (“KRSY, your superkicker in the Pecos Valley”), in 1978. After a stint at an oldies station in Topeka, Kansas (imagine getting paid to play “Louie Louie” and “Great Balls of Fire”), he wormed his way into news, first in Topeka, and then in Freeport Illinois.