Deere & Co. announced worldwide net income of $345.0 million, or $0.81 per share, for the fourth quarter ended Oct. 31, compared with $422.1 million, or $0.94 per share, for the same period last year. For the full year, net income was a record $2.053 billion, or $4.70 per share, compared with $1.822 billion, or $4.00 per share, last year.
Worldwide net sales and revenues increased 21 percent, to $7.401 billion, for the fourth quarter and were up 18 percent, to $28.438 billion, for the full year. Net sales of the equipment operations were $6.734 billion for the quarter and $25.803 billion for the full year, compared with $5.423 billion and $21.489 billion for the respective periods last year.
"In the face of highly uncertain global economic conditions, John Deere has completed a fifth consecutive year of record earnings, reflecting our efforts to build and grow a great business," said Robert W. Lane, chairman and CEO. Agricultural equipment operations had their best year ever in 2008, he pointed out, and the company's other equipment businesses remained solidly profitable on a full-year basis.
"Demand for productive agricultural machinery has continued to be strong due in large part to the financial health of the farm sector, which has remained positive to date," Lane said. "Deere's performance has received further support from our successful credit operation, which is benefiting from strong asset quality and continued low losses."