John Deere reports record earnings</

John Deere announces Q2 earnings of $1.084B

By Amanda Brodhagen, Farms.com

Global agricultural machinery giant Deere & Co. recently announced its second-quarter earnings of $1.084 billion.  Sales and income reached new single-quarter records.

Compared to last year, net income was $1.056 billion, or $2.61 per share. The second quarter ended April 30. For first-quarter earnings, net income attributed to $1.734 billion, or $4.41 per share compared to last year’s earnings of $1.589 billion, or $3.91 per share. Net sales and revenues worldwide increased by 9 per cent to $10.914 billion in the second quarter.

The agriculture and turf division sales increased 12 per cent for the second-quarter, while the construction and forestry division decreased 6 per cent. The outlook for agriculture and turf is forecasted to increase by 7 per cent for fiscal 2013. The construction and forestry division is expected to decrease by about 5 per cent for 2013.  

Chairman and chief executive officer Samuel R. Allen said that after a record-setting quarter, the company is poised for another strong year of performance. Allen says that the numbers reflect the positive global conditions of the farm economy.

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