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Economy

Deere & Co. Earns $2.7 Billion in FY2020 Despite Challenges

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https://s22.q4cdn.com/253594569/files/doc_financials/2020/q4/4Q_2020_Earnings-Call-Presentation.pdf
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Deere & Company

Deere and Company thrived in 2020 despite the pandemic, trade tensions, and a severe storm that destroyed a lot of Midwestern crops. This morning, Deere reported net income of $2.75 billion for the full year, a drop of 15% compared to 2019. Sales and revenue declined 9% to $35.5 million.In a press release, the company said, "Net income in the fourth quarter and full-year 2020 was negatively affected by impairment charges and employee-separation costs of $211 million and $458 million after-tax, respectively."

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Credit submitted / Deere & Company
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Deere & Company
Jennifer Hartmann, Deere & Company, Director of Strategic Public Relations & Enterprise Social Media

Spokeswoman Jennifer Hartmann says Agriculture and Turf equipment sales played a key role. For 2021, Hartmann says Deere expects combine and tractor sales to increase 5-10 % across the industry, and even more for the company.

Construction and Forestry equipment sales may also improve.

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Credit Deere & Company
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Deere & Company
Screenshot from Deere earnings presentation

That optimism is inherent in the company's outlook. Deere forecasts income for 2021 will be $3.6 to $4 billion.

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Credit https://s22.q4cdn.com/253594569/files/doc_financials/2020/q4/4Q_2020_Earnings-Call-Presentation.pdf / Deere & Company
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Deere & Company
Screenshot from Deere earnings presentation

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