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."
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.