23 August 2002

Deere doubles up

THIRD-QUARTER trading results released by Deere & Co reveal that the company achieved a worldwide net income of $147.6m, more than double last years $71.8m.

Worldwide net sales and revenues for the third quarter are reported to have been $3.969bn, slightly higher than the $3.618bn recorded last year.

Chairman and chief executive officer, Robert Lane, says favourable response to new products, particularly in Europe, and a continued emphasis on expense and asset control have led to another quarter of profit improvement.

"This performance is especially encouraging in light of conditions that remain well below normal in many key areas," he says.

Net sales of agricultural equipment is reported to have increased by 14% for the quarter, a rise attributed to improved sales in Europe, where a whole range of new machinery was announced last year. &#42