Deere and Company have announced a net income of $784.8m for the fourth quarter, up 54% compared to the previous quarter.
It brings their net income to $2.368bn for the year or $7.24/share, an increase compared to 2017 where their net income was $2.159bn or $6.68/share.
Net sales also rose by 18% to $8.3bn.
Other increases in profits included:
Construction and forestry sales increasing by 78% for the year with an operating profit of $868m.Agriculture and turf sales increasing by 15% for the year with an operating profit of $2.816bn."John Deere has concluded another solid year," said Samuel R Allen, chair and chief executive officer.
"In the fourth quarter, farm machinery sales in the Americas made further gains while construction-equipment sales continued to move higher.”
Allen said they had managed to achieve these gains while facing higher costs for raw materials such as steel.
Future outlook
The company said they expect equipment sales to increase by about 7% in 2019.
Although the company’s headquarters are based in the US, their global sales performed well in 2018.
They sounded a note of caution when it came to the potential impact of Brexit, saying it could put pressure on other EU member states to withdraw, leading to further economic uncertainty in the EU.
Some of the concerns they listed regarding Brexit included:
The uncertainty concerning the timing and terms of the exit.New or modified trading arrangements between the United Kingdom and other countries.The risk that one or more other European Union countries could come under increasing pressure to leave the European Union.The risk that the euro as the single currency of the Eurozone could cease to exist.They also pointed out pressures at farm level, particularly in America, where farmers face changing weather conditions, new trade agreements and pressure on exports, especially concerns around genetically modified organisms.
Read more
John Deere’s digital transformation
AdBlue lead the drive to a green future
Deere and Company have announced a net income of $784.8m for the fourth quarter, up 54% compared to the previous quarter.
It brings their net income to $2.368bn for the year or $7.24/share, an increase compared to 2017 where their net income was $2.159bn or $6.68/share.
Net sales also rose by 18% to $8.3bn.
Other increases in profits included:
Construction and forestry sales increasing by 78% for the year with an operating profit of $868m.Agriculture and turf sales increasing by 15% for the year with an operating profit of $2.816bn."John Deere has concluded another solid year," said Samuel R Allen, chair and chief executive officer.
"In the fourth quarter, farm machinery sales in the Americas made further gains while construction-equipment sales continued to move higher.”
Allen said they had managed to achieve these gains while facing higher costs for raw materials such as steel.
Future outlook
The company said they expect equipment sales to increase by about 7% in 2019.
Although the company’s headquarters are based in the US, their global sales performed well in 2018.
They sounded a note of caution when it came to the potential impact of Brexit, saying it could put pressure on other EU member states to withdraw, leading to further economic uncertainty in the EU.
Some of the concerns they listed regarding Brexit included:
The uncertainty concerning the timing and terms of the exit.New or modified trading arrangements between the United Kingdom and other countries.The risk that one or more other European Union countries could come under increasing pressure to leave the European Union.The risk that the euro as the single currency of the Eurozone could cease to exist.They also pointed out pressures at farm level, particularly in America, where farmers face changing weather conditions, new trade agreements and pressure on exports, especially concerns around genetically modified organisms.
Read more
John Deere’s digital transformation
AdBlue lead the drive to a green future
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