Operating profit on ag equipment was up 7.3 percent to $931 million for the quarter, construction and forestry equipment profit was up 37.9 percent to $120 million.
Photo credit: Deere & Co.
Deere & Company reported fourth-quarter 2012 net income of $687.6 million, or $1.75 per share, up 2.7 percent compared to the same period last year. Net income for fiscal 2012 was up 9.5 percent to $3.065 billion.
Worldwide net sales and revenues rose 14 percent, to $9.792 billion for the fourth quarter, and increased 13 percent to $36.157 billion for the full year.
"In the face of continuing global economic pressure, John Deere has completed another record year," said Samuel R. Allen, chairman and chief executive officer.
Agriculture & Turf Equipment: Sales increased 16 percent for the quarter and 13 percent for the year. Operating profit was up 7.3 percent to $931 million for the quarter and up 13.8 percent to $3.921 billion for the year.
Construction & Forestry Equipment: Construction and forestry sales increased 7 percent for the quarter and 19 percent for the year. Operating profit was up 37.9 percent to $120 million for the quarter and up 21.4 percent to $476 million for the year.
Company equipment sales are projected to increase by about 5 percent for full year 2013 and to be up about 10 percent for the first quarter compared with the same periods of 2012. For fiscal 2013, net income attributable to Deere & Company is anticipated to be about $3.2 billion.
Deere's worldwide sales of agriculture and turf equipment are forecast to increase by about 4 percent for fiscal year 2013.
Deere's worldwide sales of construction and forestry equipment are forecast to increase by about 8 percent in fiscal 2013 due in part to modest improvement in U.S. economic conditions. Sales in world forestry markets are projected to be about flat for the year as further weakness in European markets offsets stronger demand in the U.S.