John Deere reported earnings today and nailed it. 🔨 The farm and construction supply company posted record revenue and even came to an agreement with its labor union to raise wages, ending a five-week labor strike.
John Deere posted net income of $1.283 billion ($4.12/share). The company’s worldwide net sales and revenues soared +16% YoY to $11.327 billion. John Deere CEO John C. May commented:
“Deere’s strong fourth-quarter and full-year performance was delivered by our dedicated employees, dealers, and suppliers throughout the world, who have helped safely maintain our operations and serve customers.”
Regarding John Deere’s negotiations with the United Auto Workers Union, 61% of UAW members voted in favor of John Deere’s offer to end the ongoing labor strike and raise workers’ wages. May shared:
“Last week’s ratification of a 6-year agreement with the UAW brings our highly skilled employees back to work building the finest products in our industries. The agreement shows our ongoing commitment to delivering best-in-class wages and benefits.”
John Deere is enthusiastic about the state of business to come as the company noted its favorable outlook on crop prices, equipment demand, and increased infrastructure investment. Solid financials and happy workers?? That’s a win-win if we’ve ever seen one. 🎉