Moline-based Deere & Company on Wednesday reported net income of $1.283 billion for the fourth quarter ended Oct. 31, 2021, or $4.12 per share, compared with net income of $757 million, or $2.39 per share, for the quarter the year prior.
For fiscal year 2021, net income for Deere was $5.963 billion, or $18.99 per share, compared with $2.751 billion, or $8.69 per share, in fiscal 2020, the company reported.
Worldwide net sales and revenues increased 16 percent, to $11.327 billion, for the fourth quarter of fiscal 2021 and rose 24 percent, to $44.024 billion, for the full year. Equipment operations net sales were $10.276 billion for the quarter and $39.737 billion for the year, compared with corresponding totals of $8.659 billion and $31.272 billion in 2020.
“Deere’s strong fourth-quarter and full-year performance was delivered by our dedicated employees, dealers, and suppliers throughout the world, who have helped safely maintain our operations and serve customers,” John C. May, chairman and CEO, said in a Wednesday release.
“Our results reflect strong end-market demand and our ability to continue serving customers while managing supply-chain issues and conducting contract negotiations with our largest union. Last week’s ratification of a 6-year agreement with the UAW brings our highly skilled employees back to work building the finest products in our industries,” he said. “The agreement shows our ongoing commitment to delivering best-in-class wages and benefits.”
On Nov. 17, the United Auto Workers — representing 10,000 Deere workers at 14 facilities in the U.S. — ratified a new contract after a five-week strike, the first against the company in 35 years. The landmark six-year pact included an $8,500 signing bonus; 20% increase in wages over the lifetime of the contract with 10% this year; and return of Cost of Living adjustments.
The 2021 fiscal year total sales and net income are both new company records. Previous all-time high numbers for Deere were in 2013 – when sales were $35 billion and profit was $3.54 billion, spokeswoman Jen Hartmann said Wednesday.
Net income attributable to Deere & Company for fiscal 2022 is forecasted to be in a range of $6.5 billion to $7.0 billion.
“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure,” May said. “At the same time, we anticipate supply-chain pressures will continue to pose challenges in our industries. We are working closely with our suppliers to address these issues and ensure that our customers can deliver essential food and infrastructure more profitably and sustainably.”
For more information, visit www.deere.com.