Deere and Company Wednesday announced a record-setting second
quarter, with net income of $1.084 billion.
The $1.084 billion net income is an
all-time single-quarter record for the company, and produced $ 2.76 a share for
investors. For the first 6-months of 2013, Deere has accumulated net income of
$1.734 billion, or $4.41 a share.
In a company
statement, John Deere Chairman and CEO, Samuel R. Allen said, "After a
record-setting second quarter, John Deere is well on its way to another
year of strong performance. Deere's results are a reflection of positive
conditions in the global farm economy, which continues to show impressive
Allen added, "The company's performance also offers further proof of
the adept execution of our operating and marketing plans, which are aimed at
expanding our global market presence."
Deere's second quarter worldwide net sales and revenues increased
9 per cent to $10.914 billion, also a single-quarter record. Worldwide sales and
revenues for the year stand at $18.335 billion.
Deere anticipates its company equipment
sales will be about 5 per cent higher for all of fiscal 2013. The company statement
says Deere expects to deliver record net income of $3.3 billion for 2013.
another record-setting quarter, Chairman Samuel Allen did add a note of caution,
near-term forecast is being tempered by lingering economic concerns in many
parts of the world, which are restraining business confidence and growth. In
addition, cool, wet weather in North America
has delayed crop planting, slowed construction activity and hurt sales of
Overall Chairman Allen remains more than
optimistic, "We continue to believe our investment in new products and
additional capacity will allow Deere to fully capitalize on the world's
increasing need for food, shelter and infrastructure in the years ahead. These
trends appear to have considerable resilience and we're confident they should
prove rewarding to our customers and investors."
Tuesday, March 11 2014 7:03 PM EDT2014-03-11 23:03:21 GMT
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