Deere & Co. posted net sales and revenue of $11.327 billion in its fiscal fourth quarter compared to $9.731 billion in the fiscal fourth quarter of 2020, a 16.4-percent increase. For the full year, Deere recorded $44.024 billion in net sales and revenue, compared to $35.540 billion a year ago, a 23.9-percent increase. Net income in the fiscal fourth was $1.283 billion compared to $757 million in the fiscal fourth quarter of 2020, a 69.5-percent hike. Net income for the full year was $5.963 billion compared to $2.751 billion, a 116.8-percent year-over-year increase.
Equipment operations net sales were $10.276 billion for the fourth quarter compared to $8.659 billion in the fiscal fourth quarter of 2020, an 18.7-percent increase. For the full year, equipment operations net sales were $39.737 billion compared to $31.272 billion a year ago, a 27.1-percent jump.
"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," said John May, chairman and CEO. "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 six-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."
Net income attributable to Deere & Company for fiscal 2022 is forecasted to be in a range range of $6.5 billion to $7.0 billion.
"Looking ahead, we expect demand for farm and construction equipment to continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure," May said. "At the same time, we anticipate supply-chain pressures will continue to pose challenges in our industries. We are working closely with our suppliers to address these issues and ensure that our customers can deliver essential food and infrastructure more profitably and sustainably."