John Deere has a very good year

Annual report shows strong sales for John Deere


Machinery
SMARTY TRACKS: The John Deere S780 harvester was on display at the Peel Valley Machinery site at Commonwealth Bank AgQuip.

SMARTY TRACKS: The John Deere S780 harvester was on display at the Peel Valley Machinery site at Commonwealth Bank AgQuip.

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Annual report shows strong sales for John Deere

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North American machinery juggernaut, John Deere has reported a 2018 net global income of $2.37 billion, a 10 per cent increase on the previous year and its fifth highest profit ever. 

In the annual report, John Deere, chairman, Samuel R. Allen said Deere's financial performance allowed the company to make significant investments in advanced products, technologies and growth orientated products. 

"Our Blue River Technology operation, acquired in 2017, made good progress testing its breakthrough see-and-spray technology in cotton and other crops," he said. 

"Blue River puts Deere in a prime position to develop strong expertise in machine learning and artificial intelligence to offer these capabilities to customers.

"Along with vehicle automation and electrification, artificial intelligence has the potential to reshape our industry.

"No one should doubt our resolve to secure and maintain a position of leadership in these areas."

Mr Allen said while farming cycles and commodity prices went through short-term trends, the main sales drivers were solid. 

"Demand, however determines success of farmers, and others in the agricultural community," he said. 

"Since 1960, global consumption of grain and oilseeds has declined only in three years and risen without interruption for more than two decades. Agricultural production, it is generally agreed, will hjave to nearly double over the first half of the century to keep place with demand. 

Mr Allen said other hili-lights of Deere's last financial year included the launch of the 9000-series self propelled forage harvester, a 60 foot wide air-seeder and the S700 series headers.

"The division also updated its popular 9R line of four-wheel-drive tractors and launched new mid-sized tractors and a crossover Gator utility vehicle with a cab," he said. 

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