Construction sales up by almost 40% for Deere
By Andy Brown26 August 2021
John Deere’s most recent financial statement has revealed that sales for the company’s construction and forestry division were up 38% in the third quarter of 2021 compared to the same quarter last year.
Sales for the OEM were US$3.016 billion compared to US$2.187 billion. Operating profit for the segment was up by a remarkable 126%.
The company, which recently announced the ending of its joint venture with Hitachi, as a whole saw worldwide net sales and revenues increase 29%, to US$11.527 billion, for the third quarter of 2021 compared to the same quarter last year.
“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from favourable fundamentals,” said John C. May, chairman and chief executive officer, John Deere.
“We are, at the same time, excited by the growing engagement with our digital platform, the John Deere Operations Center, as well as continued adoption of precision technologies, which unlock greater value for our customers.”
In the company’s industry outlook Deere predicted that, for 2021, construction equipment sales would be up 15-20% and compact construction equipment sales would increase by 20-25%.