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It was a good year for Deere

Deere & Company reports record net income for the fourth quarter. The Moline, Illinois-based machinery giant reported net earnings of $457.2 million, or $1.07 per share, for the quarter ending October 31, compared with a net loss of $222.8 million, or $0.53 per share, for the same period last year. Sales for the quarter rose to $7.2 billion up 35 percent from the fourth quarter of last year.

For the fiscal 2010 year net sales were up 13 percent to $23.573 billion. Equipment sales increased 41 percent in the United States and Canada for the quarter and 14 percent for the year. Outside the U.S. and Canada, net sales were up 36 percent for the quarter and 14 percent for the year.

Deere’s equipment operations reported operating profit of $2.909 billion for the year, compared with an operating profit of $1.365 billion last year. Net earnings were $4.35 per share compared to $2.06 in 2009

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

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