News

Deere reports profitable 4th quarter & year

John Deere says earnings are up for both the fourth quarter and the year.  The company released its report Wednesday, showing 4^th quarter earnings up 54% and net sales of 8.3 billion dollars, up 18%.

John Deere’s Ag and Turf division saw fourth-quarter sales rise 3% and total 2018 sales up 15%.  CEO Samuel Allen says the replacement cycle for farm machinery is very much alive, despite tensions over global trade and other geopolitical issues.

The big gains were in John Deere’s Construction and Forestry units, where sales were up 65% for the quarter and 78% for the year.  Much of that gain is thanks to the Wirtgen road building product line, which Deere acquired earlier this year.

Deere is projecting 2019 ag and turf sales to rise another three percent with construction and forestry products rising another 15 percent.