Deere & Company plows through Q3
Deere & Company reported worldwide net sales and revenues for its third quarter 2018 increased 32%, to $10.3 billion from sales of $7.8 billion in the third quarter 2017.
For the first 9 months of 2018, Deere & Company reported sales of $27.9 billion, a 29% increase from sales of $21.7 billion in the first three quarters of 2017. 6.
Net sales of Deere’s equipment operations were $9.3 billion, rising nearly 37% from sales of $6.8 billion during the same period last year.
The Moline, Ill.-based agriculture and outdoor power equipment manufacturer also reported a net income of $910.3 million for the third quarter, a 42% increase compared with a net income of $641.8 million for the corresponding quarter last year. For the first 9 months of the year, Deere & Company’s net income fell about 4% to $1.58 billion from $1.65 billion for the first three quarters of 2017.
“Deere’s third-quarter performance benefited from favorable market conditions and positive response to our advanced product lineup,” said Samuel Allen, chairman and CEO of Deere & Company. “Farm machinery sales in North America and Europe made solid gains, while construction equipment sales moved sharply higher and received significant support from our Wirtgen road-building unit. At the same time, we have continued to face cost pressures for raw materials and freight, which are being addressed through a combination of cost management and pricing actions.”
Deere’s acquisition of the Wirtgen Group (Wirtgen) in December 2017 added 17% to net sales for the quarter and 12% year to date, the company reported.
Net sales of the company’s worldwide equipment operations increased 36% for the quarter and 33% for the first nine months compared with the same periods a year ago.
For the first 9 months of 2018, Deere & Company reported sales of $27.9 billion, a 29% increase from sales of $21.7 billion in the first three quarters of 2017. 6.
Net sales of Deere’s equipment operations were $9.3 billion, rising nearly 37% from sales of $6.8 billion during the same period last year.
The Moline, Ill.-based agriculture and outdoor power equipment manufacturer also reported a net income of $910.3 million for the third quarter, a 42% increase compared with a net income of $641.8 million for the corresponding quarter last year. For the first 9 months of the year, Deere & Company’s net income fell about 4% to $1.58 billion from $1.65 billion for the first three quarters of 2017.
“Deere’s third-quarter performance benefited from favorable market conditions and positive response to our advanced product lineup,” said Samuel Allen, chairman and CEO of Deere & Company. “Farm machinery sales in North America and Europe made solid gains, while construction equipment sales moved sharply higher and received significant support from our Wirtgen road-building unit. At the same time, we have continued to face cost pressures for raw materials and freight, which are being addressed through a combination of cost management and pricing actions.”
Deere’s acquisition of the Wirtgen Group (Wirtgen) in December 2017 added 17% to net sales for the quarter and 12% year to date, the company reported.
Net sales of the company’s worldwide equipment operations increased 36% for the quarter and 33% for the first nine months compared with the same periods a year ago.