Deere’s net sales in agriculture and turf improved by 8 percent for the quarter that ended Nov. 1 but saw a 6 percent decline for the fiscal year.
Driving the increase for the fourth quarter were price realization and higher shipment volumes, the company said.
Worldwide net sales and revenues in all segments decreased by 2 percent for the quarter and 9 percent for the year.
Chairman and CEO John C. May said the company expects the farm economy to stabilize in this new fiscal year.
“Higher crop prices and improved fundamentals are leading to renewed optimism in the agricultural sector and improving demand for farm equipment,” he said.
Sales of agriculture and turf equipment are projected to increase by 10 to 15 percent in 2021. In the U.S. and Canada, the forecast calls for a 5 to 10 percent gain in sales in farm equipment.
Elsewhere in the world, Deere is calling for sales to be flat with the possibility of a 5 percent gain in the EU28 member nations. Sales of tractors and combines in South America are forecast to be up by 5 percent while Asian sales are expected to be slightly lower.