24 May 2002

Deere income up record 11%

By Andy Collings

DEERE & Co reports it achieved a worldwide net income of $141.8m for the second quarter of its fiscal year which ended April 30. This, says the company, is an 11% increase on the same period last year.

According to Robert Lane, chairman and chief executive officer, these results demonstrate the benefits of the actions taken to improve asset and operating efficiency.

Worldwide net sales and revenues were $3.987bn for the second quarter – a significant increase on last year.

"The increase for the quarter was due to higher agricultural equipment sales, the inclusion of sales from John Deere Landscapes, and the higher sales of core commercial and consumer products," says Mr Lane.

For the remainder of the year Mr Lane believes that agricultural equipment sales will remain at about the same level as last year – the North American market restrained by low commodity prices and the European market held back due to the large number of new John Deere products launched last year. &#42