DE Deere and Co

By Matt Grossman

Deere & Co. on Wednesday logged better-than-expected sales and earnings in the fiscal fourth quarter, with both figures growing year over year despite a major strike that affected production during the end of the quarter.

The Moline, Ill.-based farm- and construction-equipment company posted earnings of $4.12 a share, a rise from $2.39 a share a year earlier. Analysts polled by FactSet had forecast earnings of $3.91 a share.

Deere's net income was $1.28 billion, up from $757 million, it said.

Sales rose 16% to $11.33 billion from $9.73 billion, it said. Analysts were forecasting sales of $10.46 billion.

Production and precisions agriculture sales were up 23%, while small agriculture and turf sales climbed 17%. Construction and forestry sales rose by 14%, the company said.

The five-week strike that ended last week included more than a third of Deere's U.S. workforce. It straddled the end of the fourth quarter and the start of the first.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

November 24, 2021 07:16 ET (12:16 GMT)

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