- Equipment-division operating margin of 19% demonstrates strong execution in face of supply-chain challenges.
- Full-year earnings forecast raised to range of $5.7 to $5.9 billion, reflecting robust market conditions.
- Strategic investments reinforce focus on delivering customer value.
MOLINE, Illinois (August 20, 2021) — Deere & Company reported net income of $1.667 billion for the third quarter ended August 1, 2021, or $5.32 per share, compared with net income of $811 million, or $2.57 per share, for the quarter ended August 2, 2020. For the first nine months of the 2021 fiscal year, net income attributable to Deere & Company was $4.680 billion, or $14.86 per share, compared with $1.993 billion, or $6.30 per share, for the same period last year.
Worldwide net sales and revenues increased 29 percent, to $11.527 billion, for the third quarter of 2021 and rose 27 percent, to $32.697 billion, for nine months. Net sales of the equipment operations were $10.413 billion for the quarter and $29.461 billion for nine months, compared with $7.859 billion and $22.612 billion for the same periods last year, respectively.
“Our strong results, driven by essentially all product categories, are a testament to the exceptional efforts of our employees and dealers to keep our factories running and customers served while enduring significant supply-chain pressures,” said John C. May, chairman and chief executive officer. “We also made strategic investments in the quarter aligned with our smart industrial strategy. They will further our efforts to help our customers achieve improved profitability, productivity, and sustainability through the effective use of technology.”
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal 2021 is forecasted to be in a range of $5.7 billion to $5.9 billion.
“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from favorable fundamentals,” May said. “We are, at the same time, excited by the growing engagement with our digital platform, the John Deere Operations Center, as well as continued adoption of precision technologies, which unlock greater value for our customers.”