Deere & Co. Revenues Jump 29.2 Percent in Fiscal Third Quarter
Deere & Co. posted worldwide net sales and revenues of $11.527 billion in its fiscal third quarter ended August 1, compared to $8.925 billion in the fiscal third quarter of 2020, an increase of 29.2 percent. Deere’s equipment division operating margin was 19 percent, which demonstrates strong execution amid supply chain challenges. For the first nine months of the 2021 fiscal year, net income was $4.680 billion or $14.86 per share, compared with $1.993 billion or $6.30 per share for the first nine months of fiscal 2020.
Worldwide net sales and revenues rose 27 percent to $32.697 billion for nine months. Net sales of the equipment operations were $10.413 billion for the quarter compared with $7.859 billion and $29.461 billion for nine months, compared with $22.612 billion for the same period last year.
"Our strong results, driven by essentially all product categories, are a testament to the exceptional efforts of our employees and dealers to keep our factories running and customers served while enduring significant supply-chain pressures," said John May, chairman and CEO. "We also made strategic investments in the quarter aligned with our smart industrial strategy. They will further our efforts to help our customers achieve improved profitability, productivity, and sustainability through the effective use of technology."
Deere is forecasting net income of $5.7 billion to $5.9 billion for fiscal 2021.
"Looking ahead, we expect demand for farm and construction equipment to continue benefiting from favorable fundamentals," May said. "We are, at the same time, excited by the growing engagement with our digital platform, the John Deere Operations Center, as well as continued adoption of precision technologies, which unlock greater value for our customers."
