Deere & Company turns in strong Q4
Equipment manufacturer Deere & Company reported that revenues increased 17% to $9.4 billion for the fourth quarter 2018 from sales $8 billion in the fourth in the fourth quarter 2017.
Sales for the full year rose 26% to $37.4 billion from sales of $29.7 billion for all of 2017.
Net sales of equipment operations were $8.3 billion for the quarter and $33.4 billion for the year, compared with respective totals of $7.1 billion and $26 billion in 2017.
The Moline, Ill.-based manufacturer also reported a net income of $785 million for the fourth quarter 2018, rising 54% from a net income of $510.3 million during the same period a year ago. For the full year, Deere profits increased 10% to $2.4 billion from 2.2 billion last year.
"John Deere has concluded another solid year in which the company benefited from a further improvement in market conditions and a favorable customer response to its lineup of advanced products," said Samuel Allen, chairman and CEO of Deere & Company.
Construction and forestry sales increased 65% for the quarter and 78% for the year, with Wirtgen – the construction equipment manufacturer acquired by Deere in June 2017 – adding 45% and 53% for the periods.
Sales for the full year rose 26% to $37.4 billion from sales of $29.7 billion for all of 2017.
Net sales of equipment operations were $8.3 billion for the quarter and $33.4 billion for the year, compared with respective totals of $7.1 billion and $26 billion in 2017.
The Moline, Ill.-based manufacturer also reported a net income of $785 million for the fourth quarter 2018, rising 54% from a net income of $510.3 million during the same period a year ago. For the full year, Deere profits increased 10% to $2.4 billion from 2.2 billion last year.
"John Deere has concluded another solid year in which the company benefited from a further improvement in market conditions and a favorable customer response to its lineup of advanced products," said Samuel Allen, chairman and CEO of Deere & Company.
Construction and forestry sales increased 65% for the quarter and 78% for the year, with Wirtgen – the construction equipment manufacturer acquired by Deere in June 2017 – adding 45% and 53% for the periods.