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Deere profit soars on farm equipment demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The Deere & Co farm equipment plant in Ankeny, Iowa, U.S. October 20, 2021. REUTERS/Scott Morgan

(Reuters) -Deere & Co reported a 69% rise in fourth-quarter profit on Wednesday as solid demand for its tractors and combines from farmers cushioned the impact of a worker strike.

Due to soaring livestock and crop prices this year, farmers’ incomes have risen. This has encouraged them to purchase newer equipment even though manufacturers are increasing their price.

Deere (NYSE 🙂 reported that sales of large equipment and medium equipment increased 23% during the quarter while smaller equipment sales rose 17%.

Even though operations were disrupted for three weeks by a workers strike demanding higher wages, the jump was possible.

The net income rose from $757 million to $1.28 Billion a year prior.

From $9.73 billion, total net sales and revenues rose to $11.33 trillion.

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