Deere reports all-time record quarter: Net Income $1.084 billion - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere reports all-time record quarter: Net Income $1.084 billion

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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 strength."

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.

Despite another record-setting quarter, Chairman Samuel Allen did add a note of caution, saying, "Deere's 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 turf-care equipment."   

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." 

 

 

 

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