John Deere Earnings Continue to Break Records
Barring extreme unforeseen circumstances, Deere and Company is on track to set a record for annual profits.
It's been a busy month for John Deere. After starting contract talks with union workers and announcing it'll buy another tech company, Deere and Company reported 3rd quarter earnings doubled to nearly $1.67 billion, compared to $811 million a year ago. Per share earnings rose to $5.32, up from $2.57 for May, June, and July of 2020.
The company says the 107% jump in profits came despite supply chain problems.
Deere also says worldwide sales increased 29% $11.5 billion dollars.
Sales of combines, large tractors, and other big farm equipment jumped 29% in the third quarter, while sales of construction and forestry equipment increased 38%.
As it has for the last few quarters, the company increased its profit prediction for the full year. It's now forecasting $5.7 to 5.9 billion.
So far this year, Deere has reported record earnings and sales for every quarter. Second quarter 2021 earnings set an all-time high for any quarter in John Deere history with third quarter earnings coming in second.
In addition, income for the first nine months of the year ($4.68 billion) has already exceeded the full year record of $3.5 billion set in 2013.