Deere & Company reports worldwide net sales and revenues increased five percent in both the fourth quarter and full year of 2019 to $9.8 billion and $39.2 billion. Deere reported fourth-quarter net income of $722 million, compared with net income of $785 million, in 2018.
Agriculture and Turf sales increased for the quarter and full year of 2019 due to price realization and higher shipment volumes, partially offset by the unfavorable effects of currency translation. However, operating profit decreased for the quarter and year.
Deere CEO John May says the performance “reflected continued uncertainties in the agricultural sector,” adding “trade tensions coupled with a year of difficult growing and harvesting conditions have caused many farmers to become cautious about making major investments in new equipment.”
Deere’s worldwide sales of agriculture and turf equipment are forecast to decline between five and ten percent for fiscal-year 2020. Industry sales of agricultural equipment in the U.S. and Canada are forecast to be down about five percent, driven by lower demand for large equipment.