Deere & Co. Revenue Jumps 30.3 Percent in Fiscal 2021 Second Quarter
Deere & Co. posted $12.058 billion in fiscal second quarter 2021 revenue compared to $9.253 billion in the fiscal second quarter of 2020, a 30.3-percent increase. Year to date for fiscal second quarter of 2021, ended May 2, 2021, revenue was $21.170 billion compared to $16.884 billion a year ago, a 25.4-percent hike.
Fiscal second quarter revenue for Equipment Operations was $10.998 billion compared to $8.224 billion in the year-ago quarter, a 33.7-percent jump. The Construction & Forestry segment posted $3.079 billion in the fiscal second, compared to $2.256 billion a year ago, a 36.5-percent leap. Deere attributed the increase to higher shipment volumes, price realization and the favorable effects of foreign currency translation.
The Production & Precision Agriculture and Small Agriculture & Turf divisions also grew revenues more than 30 percent.
"With another quarter of solid performance, John Deere closed out the first half of the year on a highly encouraging note," said John May, chairman and CEO. "Our results received support across our entire business lineup, reflecting healthy worldwide markets for farm and construction equipment. Our smart industrial operating strategy is continuing to have a significant impact on performance while also helping customers do their jobs in a more profitable and sustainable manner."
Net income attributable to Deere & Co. for fiscal 2021 is forecast to be in a range of $5.3 billion to $5.7 billion.
"While the company is clearly performing at a high level, Deere expects to see increased supply-chain pressures through the balance of the year," May said. "We are working closely with key suppliers to secure the parts and components that our customers need to deliver essential food production and infrastructure. Despite these challenges, Deere is on track for a strong year, and we believe is well-positioned to unlock greater value for our customers and other stakeholders in the future."
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.