Deere & Company, Illinois based manufacturer of John Deere agricultural and construction equipment, has reported earnings of $712 million for Q3 2011.
After a broad-based improvement reflecting higher results from all divisions, income rose 15 percent for the quarter ending 31 July as a healthy global farm sector continues to support the company’s performance.
For the first nine months of the year, net income was $2.130 billion, compared with $1.408 billion last year.
Worldwide net sales and revenues increased 22 percent to $8.372 billion for the third quarter and were up 24 percent to $23.401 billion for the nine months. Net sales of the equipment operations were $7.722 billion for the quarter and $21.563 billion for nine months, compared with $6.224 billion and $17.009 billion for the corresponding periods last year.
"Bolstered by yet another quarter of record results, John Deere remains on track for a year of exceptional achievement," said Samuel R. Allen, chairman and chief executive officer. "Our success reflects strong demand for the company's advanced equipment and the skillful execution of our ambitious business plans. These are aimed at expanding our global competitive position and introducing the John Deere brand to a wider group of customers."
Increased sales of large farm machinery are having a major impact on Deere's performance, Allen said, while construction-equipment sales are moving higher in spite of weakness in the North American residential and commercial construction sectors.
"The company is achieving record performance in spite of certain key markets being in the early stages of recovery. This reflects our focus on managing costs and assets, while enhancing our geographic footprint and providing a range of innovative products and services to a growing global customer base."
