November 23, 2011

Deere reports increase in construction equipment sales

Deere & Co. (NYSE:DE) Wednesday released its financial results, with annual sales of forestry and construction equipment up 45 per cent from 2010.

During the 12 months ending Oct. 31, 2011, the Moline, Illinois-based heavy equipment manufacturer reported net income of $2.8 billion on total net sales and revenue of $32.103 billion.

Revenue from construction and forestry for the year was $5.372 billion, up 45 per cent from $3.705 billion in 2010.

Most of its sales are farm equipment.

“Deere's worldwide sales of construction and forestry equipment are forecast to grow by about 16 per cent for fiscal 2012,” the company stated in a press release. “The increase reflects slightly improved market conditions and activity outside of the U.S., including strength in Canada. Construction equipment sales to independent rental companies are expected to see further gains. Deere's sales also are expected to be supported by a range of advanced new products and by geographic expansion.”

For the three months ending Oct. 31, Deere reported construction and forestry equipment revenues of $1.549 billion, a 34 per cent increase from the same period in 2010. Total revenues for the quarter increased 20 per cent year-over year, from $7.202 billion in 2010 to $8.612 billion in 2011.

DCN DIGITAL MEDIA

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