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John Deere Fourth Quarter Earnings Increase11-23-04 | News
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John Deere Fourth Quarter Earnings Increase


MOLINE, Ill - Deere & Company announced Tuesday worldwide net income of $356.7 million for the fourth quarter ended October 31, compared with net income for the same period last year of $70.6 million. For the full year, net income was $1.406 billion, or $5.56 per share, versus $643.1 million, or $2.64 per share, last year.

Worldwide net sales and revenues grew 32 percent to $5.207 billion for the fourth quarter, and increased 29 percent to $19.986 billion for the year. Sales rose through all equipment lines, yielding fourth-quarter revenue that topped $5.2 billion, up 32 percent from a year ago.

Construction and forestry equipment sales jumped 65 percent for the quarter and 54 percent for the year, the company reported. Sales of agriculture equipment were up 35 percent in the fourth quarter and 31 percent for the year, while commercial and consumer models such as lawn mowers and compact tractors were up 10 percent for the quarter and 16 percent for the year.

The company's record earnings for the year topped $1.4 billion, more than double the $643.1 million posted in 2003. For the year, per share profits were $5.56, up from $2.64 last year. Full-year revenues increased 29 percent to $19.9 billion.

Deere projects 2005 sales will increase 2 to 7 percent, and forecasts full-year earnings of about $1.5 billion. First-quarter earnings are expected to increase 20 to 25 percent from the same period last year.

?EUR??,,????'??We remain focused on offering innovative products and services, while introducing our brand to a wider global audience,?EUR??,,????'?? said chairman and CEO Robert W. Lane.

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