Deere Reports Quarterly Earnings of $1.07 Per Share

Deere & Co. (DE) reported earnings of $1.07 per share for the quarter ended Oct. 31, compared with a loss of 53 cents per share a year ago.

The earnings for the fourth quarter of fiscal 2009 included charges worth 76 cents per share related to the impairment of goodwill and voluntary employee separation, the world's largest maker of farm equipment said in a statement.

Sales for the fourth quarter of fiscal 2010 rose to $7.2 billion, an increase of 35% from a year earlier.

"John Deere's strong performance for the quarter and full year reflects a disciplined approach to executing our business plans and was achieved despite continuing weakness in certain regions and business sectors," said CEO Samuel R. Allen.

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For fiscal 2010, the company reported earnings of $4.35 per share, up from $2.06 in fiscal 2009. Net sales rose 13% to $26 billion.

For fiscal 2011, Deere forecast profit of $2.1 billion. Equipment sales are expected to rise 10% to 12% from fiscal 2010.

"Thanks in large part to the dedication and hard work of our employees, dealers and suppliers worldwide, our plans for helping meet the world's growing need for food and infrastructure are well on track and moving ahead at an accelerated rate," Allen said.