Net sales were up 17%, totaling $2.8 billion in the fourth quarter. Shifting focus to Small Ag and Turf on Slide 6. Also, it's worth noting that last year's results were negatively impacted by employee separation expenses resulting from restructuring activities. The year-over-year increase was driven by positive price realization, higher shipment volumes and mix, partially offset by higher production costs. Operating profit was $777 million resulting in a 16.7% operating margin for the segment, compared to 15.2% margin for the same period last year. And currency translation was also positive by roughly 1 point. Price realization in the quarter was positive by about 7 points. Net sales of $4.66 billion were up 23% compared to the fourth quarter last year, primarily due to higher shipment volumes and price realization. Let's start with fourth quarter results for Production and Precision Ag starting on Slide 5. I'd also like to recognize the ongoing efforts and unparalleled capabilities of the John Deere dealer network that's not only an integral part of our value proposition in the market, but also often called upon in the toughest of times to keep our customers up and running. Before I cover our fourth quarter results, I'd like to recognize all of John Deere's 77,000 employees for their tremendous hard work and dedication throughout a year filled with unpredictability. Reed - President of Production and Precision Ag
JOHN DEERE SERVICE ADVISOR V4.2.006 AG UPDATE
Net income attributable to Deere and Company was $1.283 billion or $4.12 per diluted share.Īt this time, I'd like to welcome Cory Reed, President of Production and Precision Ag to the call to discuss the segment's results and provide an update on the global Ag environment.
Net sales and revenue were up 16% to $11.3 billion, while net sales for the Equipment Operations, were up 19%, to nearly $10.3 billion. Slide 4 shows the results for the fourth quarter. Net income attributable to Deere and Company was $5.96 billion or $18.99 per diluted share.
JOHN DEERE SERVICE ADVISOR V4.2.006 AG FULL
For the full year, net sales and revenues were up 24% to $44 billion, while net sales for equipment operations increased 27% to $39.7 billion. Now let's take a closer look at our year-end results for 2021 beginning on Slide 3. Meanwhile, the construction and forestry markets also continue to benefit from strong demand and lean inventories leading to the divisions strongest financial results in over 15 years. Ag fundamentals remained strong through the course of the year and our order books indicate another year of robust demand in 2022. John Deere finished the year with solid execution in the fourth quarter resulting in a 13.6% margin for the Equipment Operations. I'll now turn the call over to Brent Norwood.īrent Norwood - Manager of Investor Communications Additional information concerning these measures, including reconciliations to comparable GAAP measures is included in the release and posted on our website at /earnings under Quarterly Earnings and Events. This call may include financial measures that are not in conformance with accounting principles generally accepted in the United States of America or GAAP.
Additional information concerning factors that could cause actual results to differ materially is contained in the company's most recent Form 8-K and periodic reports filed with the Securities and Exchange Commission. This call includes forward-looking comments concerning the company's plans and projections for the future that are subject to important risks and uncertainties. Participants in the call, including the Q&A session agree that their likeness and remarks in all media may be stored and used as part of the earnings call. Any other use, recording or transmission of any portion of this copyrighted broadcast without the expressed written consent of Deere is strictly prohibited. First, a reminder, this call is being broadcast live on the Internet and recorded for future transmission and use by Deere and Company.
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