John Deere has reported a net income of $1.667 billion (€1,427 billion) for the third quarter ending on August 1, 2021.
For the first nine months of the 2021 fiscal year, net income attributable to John Deere was $4.680 billion, (€4 billion) or $14.86 per share, compared with $1.993 billion (€1,707 billion), or $6.30 per share, for the same period last year.
Worldwide net sales and revenues increased 29%, to $11.527 billion (€9,848 billion), for the third quarter of 2021 and rose 27%, to $32.697 billion (€28 billion), for nine months.
Net sales of the equipment operations were $10.413 billion (€8,918 billion) for the quarter and $29.461 billion (€25,233 billion) for nine months, compared with $7.859 billion (€6,731 billion) and $22.612 billion (€19,367 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 of John Deere.
"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."
Net income attributable to Deere & Company for fiscal 2021 is forecasted to be in a range of $5.7 billion to $5.9 billion (€4.8 billion to €5 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."
John Deere also announced it has agreed with Hitachi Construction machinery to end the Deere-Hitachi joint venture manufacturing and marketing agreements.
John Deere and Hitachi will enter into new license and supply agreements, which will enable John Deere to continue to source, manufacture, and distribute the current lineup of John Deere-branded excavators in the Americas.