Deere Sees Solid 2021 Profit Growth
By Matt Grossman
Deere & Co. Friday posted a forecast for strong
year-over-year profit growth in the 2021 fiscal year, expressing an
outlook for higher industry sales in agriculture, construction and
forestry this year.
The Moline, Ill.-based maker of agricultural and construction
equipment forecast full-year net income attributable to the company
of $4.6 billion to $5 billion. Net income attributable to the
company in the 2020 fiscal year was $2.75 billion. Analysts
surveyed by FactSet had been forecasting full-year net income of
$4.14 billion in 2021.
Deere forecast full-year production and precision-agriculture
sales of $15.5 billion to $16.5 billion, sales in the small
agriculture and turf segment of $10.5 billion to $11.5 billion, and
construction and forestry sales of $10.5 billion to $11
The company's industry outlook sees the large-agriculture sector
improving by 15% to 20% year over year in the U.S. and Canada, with
small agriculture improving by roughly 5%. The U.S. and Canada
construction-equipment sector will rise by roughly 5%, while global
forestry sales will rise by 5% to 10%, Deere forecast.
Write to Matt Grossman at firstname.lastname@example.org
(END) Dow Jones Newswires
February 19, 2021 07:04 ET (12:04 GMT)
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