Big Rebound for Deere
Deere and Company is recovering from three years of a global farm recession and weak construction markets. Wednesday the company reported higher sales and profits for its just-completed fiscal year.
Worldwide sales and revenue for the Moline-based company increased 23 percent during the 4th quarter, and 12 percent for the fiscal year that ended on October 31st.
Spokesman Ken Golden says sales and earnings for 2017 are the fifth highest in company history.
"The sales in both of our major equipment divisions have increased this year - increased beyond our expectations. But also our business plan to expand the company geographically and product lines, and in controlling costs have benefited the company."
Net income for the year was $2.1 billion or $6.68 per share, compared to $1.5 billion or $4.81 a year ago. And for the coming year, Deere is predicting even higher profits - $2.6 billion.
Equipment sales during the past year rose 11 per cent, and the prediction is even better for this year - the company is forecasting a 22 per cent increase.