Thanks in part to a strong fourth quarter, John Deere reports solid results for its just completed fiscal year. Worldwide sales grew 17 per cent, and profits rose 8 per cent.
Spokesman Ken Golden says credit goes to both major equipment divisions.
"Where ag is in a replacement cycle and we are introducing new technology that's integrated with the equipment, and farmers are liking that all around the world. And in the construction area, it's strong GDP, housing starts, and strong investment in the construction industry."
Ag equipment sales rose 15 per cent for the year, while sales of construction equipment jumped 78 per cent.
Golden says profits for the year of 2.3 billion dollars are the 5th best in company history, but would have been the third best, at 3 billion, without changes in the federal tax law.
For the coming year, Deere predicts sales will increase 7 per cent, and profits will reach a record level of 3.6 billion dollars.