Deere reports sales and earnings gains

Moline, Ill.-based Deere & Co. reported net income of $687.6 million in its fourth quarter ended Oct. 31, a 2.7% gain compared to the same quarter last year.

For fiscal 2012, net income attributable to Deere & Company was $3.065 billion, compared with $2.800 billion in 2011.  Worldwide net sales and revenues rose 14%, to $9.792 billion, for the fourth quarter and increased 13% to $36.157 billion for the full year

"In the face of continuing global economic pressure, John Deere has completed another record year," said Samuel R. Allen, chairman and CEO. "Our success reflects positive customer response to our lines of innovative equipment coupled with extensive efforts to expand our global competitive position."

During the year, Deere continued with the record introduction of new products, while opening or moving ahead with new factories in China, India, and Brazil. In the U.S., the company announced capacity expansions for tractors, sprayers, and cylinders.