Deere 4Q Sales Down

Deere & Co. announced a worldwide net loss of $222.8 million, for the fourth quarter ended October 31, compared with net income of $345.0 million for the same period last year.

Affecting fourth-quarter 2009 results were charges of $364.8 million pretax and $321.8 million after-tax, due to the previously announced impairment of goodwill related to the John Deere Landscapes reporting unit, and voluntary employee-separation expenses associated with the formation of the new agriculture and turf division. (These items are included in the results of the agriculture and turf operating segment.) Without the items, earnings for the quarter would have been $99.0 million.

For the full year, net income was $873.5 million, compared with $2.053 billion last year. Included in the year’s net income are the items cited above, which totaled $380.6 million pretax and $331.8 million after-tax on an annual basis.

Worldwide net sales and revenues declined 28%, to $5.334 billion, for the fourth quarter and were down 19%, to $23.112 billion, for the full year. Net sales of the equipment operations were $4.726 billion for the quarter and $20.756 billion for the year, compared with $6.734 billion and $25.803 billion last year.