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Deere Running Wild

DeereMarch 24, 2011 – It was a good quarter for Deere & Co. The company announced net income of $904.3 million for the second quarter ended April 30, compared with $547.5 million for the same period last year. Second-quarter 2010 earnings were $677 million. For the first six months of the year, net income was $1.418 billion compared with $790.7 million last year. Worldwide net sales and revenues increased 25 percent to $8.910 billion for the second quarter and were up 26 percent to $15.029 billion for six months. Net sales of the company's equipment operations were $8.328 billion for the quarter and $13.841 billion for six months, compared with $6.548 billion and $10.785 billion for the corresponding periods last year. Construction and forestry sales climbed 46 percent for the quarter and 61 percent for six months mainly due to higher shipment volumes and improved price realization, according to the company.