Moline, Ill.-based Deere & Co. reported net income of $687.6 million in its fourth quarter ended Oct. 31, a 2.7% gain compared to the same quarter last year.
For fiscal 2012, net income attributable to Deere & Company was $3.065 billion, compared with $2.800 billion in 2011. Worldwide net sales and revenues rose 14%, to $9.792 billion, for the fourth quarter and increased 13% to $36.157 billion for the full year
Deere & Co. has posted third-quarter net income of $788.0 million, up 10.6% from $712.3 million for the same period last year.
"John Deere delivered record third-quarter performance in both sales and income," said Samuel Allen, chairman and CEO. "Although a strong quarter, we are not satisfied that sales fell short of our expectations due to weakening in certain international markets and short-term manufacturing inefficiencies resulting from the introduction of a record number of new products."
Moline, Ill.-based Deere & Co. announced it will build a construction equipment manufacturing plant in the Tianjin Economic-Technological Development Area (TEDA) in northern China.
The new facility will produce four-wheel-drive loaders and excavators for sale in China and for export. The company said the facility represents a $50 million investment and is the company’s sixth manufacturing location in China and the second in the TEDA.
Moline, Ill.-based Deere & Co. announced it has completed the sale of its wind energy business, John Deere Renewables, to Chicago-based Exelon Generation Company, a wholly owned subsidiary of Exelon Corporation.
The sale was completed Dec. 10 and consisted of 36 wind projects in eight states- generating 735 operating megawatts of clean, renewable energy- enough to power 160,000 to 220,000 households.