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Net income attributable to Deere & Company was $996.5 million, or $2.56 per share, for the third quarter ended July 31, compared with $788.0 million, or $1.98 per share, for the same period last year.
For the first nine months of the year, net income attributable to Deere & Company was $2.730 billion, or $6.97 per share, compared with $2.377 billion, or $5.88 per share, last year.
Worldwide net sales and revenues increased 4 percent, to $10.010 billion, for the third quarter and rose 8 percent to $28.345 billion for nine months. Net sales of the equipment operations were $9.316 billion for the quarter and $26.373 billion for nine months, compared with $8.930 billion and $24.454 billion for the same periods last year.
“John Deere is well on the road to another year of impressive performance after reporting record third-quarter results,” said Samuel R. Allen, chairman and chief executive officer. Sales and income for the period were higher than in any prior third quarter, he pointed out. “Deere’s success is a reflection of considerable strength in the farm sector, especially in North and South America. We also are making further progress executing our wide-ranging operating and marketing plans, which call for expanding our global market presence while keeping a close watch on costs and assets.”
Results in Brief:
- Income jumps 26% on 4% gain in net sales and revenues.
- Performance driven by strong profits in farm machinery and financial services.
- Extensive growth investments remain on track, helping expand company’s global footprint.
- Full-year income forecast raised to $3.45 billion.
Company equipment sales are projected to be up about 5 percent for fiscal 2013 and to decrease by about 5 percent for the fourth quarter compared with the year-ago periods. Included is an unfavorable currency-translation impact of about 1 percent for the year. For the full year, net income attributable to Deere & Company is anticipated to be about $3.45 billion.
According to Allen, Deere is poised for a very successful 2013. “Last year’s fourth-quarter sales were particularly strong, in part because our factories were running at a high rate to catch up with customer orders. Even with this difficult comparison, our financial guidance implies a healthy level of income for the coming quarter and a third consecutive year of record results.”
Longer term, Allen said he remains quite optimistic about the company’s prospects. “We continue to believe our investment in new products and capacity will allow Deere to be the provider of choice for a growing global customer base in the years ahead,” he said. “In our view, broad trends based on a growing, more affluent, and increasingly mobile population have ample staying power and should help the company deliver substantial value to its customers, investors and other stakeholders in the future.”
