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John Deere announced worldwide net income of $277.3 million, or $1.20 per share, for the fourth quarter ended October 31, compared with $232.8 million, or $0.96 per share, for the same period last year. Income from continuing operations, which excludes the company’s discontinued health-care business, was $276.7 million, or $1.20 per share, for the quarter, versus $220.7 million, or $0.91 per share, last year.
For the full year, net income was $1.694 billion, or $7.18 per share, compared with $1.447 billion, or $5.87 per share, a year ago. Full-year income from continuing operations was $1.453 billion, or $6.16 per share, compared with $1.414 billion, or $5.74 per share, last year.
Worldwide net sales and revenues increased 3 percent for the quarter, to $5.118 billion, and increased 5 percent for the year, to $22.148 billion. Net sales of the equipment operations were $4.486 billion for the quarter and $19.884 billion for the year, compared with $4.486 billion and $19.401 billion for the respective periods of 2005.
“Our strong results for the final quarter of 2006, and for the full year, provide mounting evidence of our success in building a fundamentally more agile and profitable business, while introducing advanced new products and services to a growing global customer base,” says Robert W. Lane, chairman and chief executive officer. “We are particularly encouraged that the company achieved record net income for the year and strong cash flow in the face of market conditions that have been relatively weak in many parts of the world.”