Equipment manufacturer reports third-quarter earnings
Aug. 19 -Moline, Illinois -Third-quarter earnings were up for Deere and Company, despite figures that were lower compared to a year ago, the company announced earlier this week.
August 21, 2009 By PR Newswire
August 19, 2009
Deere & Company announced Wednesday that its worldwide net income of $420.0 million, or $0.99 per share, for the third quarter ended July 31, compared with $575.2 million, or $1.32 per share, for the same period last year. For the first nine months of the year, net income was $1.096 billion, or $2.59 per share, compared with $1.708 billion, or $3.89 per share, last year.
Worldwide net sales and revenues declined 24 percent, to $5.885 billion, for the third quarter and were down 15 percent to $17.778 billion for nine months compared with a year ago. Net sales of the equipment operations were $5.283 billion for the quarter and $16.030 billion for nine months, compared with $7.070 billion and $19.070 billion last year.
"John Deere has completed a solidly profitable quarter in the face of persistent global economic pressure and made further progress advancing its competitive position throughout the world," said Samuel R. Allen, president and chief executive officer. "We have seen continued benefit from strength in the U.S. market for large farm machinery and from our efforts to keep a tight rein on costs and inventories. Deere's construction and forestry business, as an example, is successfully executing carefully designed plans to adjust expenses and asset levels in response to the severe decline in its markets," Allen said.