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Deere Announces Record Earnings

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Deere & Co.
Screenshot of slide #3 from Deere & Co.'s earnings presentation

Just a week after the end of a month-long strike, John Deere reports record earnings for both the fourth quarter and the fiscal year.

This morning, the company reported profits of $5.96 billion for fiscal year 2021 (ending 10/31/2021). That's compared with $2.75 billion in 2020.

On a per share basis, that's $18.99 compared to $8.69 per share for 2020.

Worldwide sales increased 24% to $44 billion for the full year. Sales totaled $39.7 billion for the year, compared with $31.3 billion in 2020.

Deere Chair and CEO John May
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Deere & Co.
Deere & Co. Chair and CEO, John May

Chair and CEO John May says, "Deere’s strong fourth-quarter and full-year performance was delivered by our dedicated employees, dealers, and suppliers throughout the world, who have helped safely maintain our operations and serve customers.

“Our results reflect strong end-market demand and our ability to continue serving customers while managing supply-chain issues and conducting contract negotiations with our largest union."

"Last week’s ratification of a 6-year agreement with the UAW brings our highly skilled employees back to work building the finest products in our industries. The agreement shows our ongoing commitment to delivering best-in-class wages and benefits.”

Deere now forecasts income for FY 2022 will be $6.5 to $7 billion.

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Deere & Co.
Slide #14 from the Deere earnings presentation

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