Deere & Co. Earns $2.7 Billion in FY2020 Despite Challenges
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."
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.
That optimism is inherent in the company's outlook. Deere forecasts income for 2021 will be $3.6 to $4 billion.