Deere does well

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While the automotive industry might be in the doldrums, the same can't be said for business at tractor maker John Deere.

While the automotive industry might be in the doldrums, the same can't be said for business at tractor-maker John Deere.

The company's worldwide net income this year was a record $2.05bn (£1.4bn), compared with $1.82bn last year.

Worldwide net sales and revenues increased 21 per cent to $7.4bn for the fourth quarter and were up 18 per cent to $28.44bn for the full year.

Net sales of the company's equipment operations were $6.73bn for the quarter and $25.8bn for the full year, compared with $5.42bn and $21.49bn for the respective periods last year.

Robert W Lane, Deere's chairman and chief executive officer, said: 'Agricultural equipment operations had their best year ever in 2008 and the company's other equipment businesses remained solidly profitable on a full-year basis.'

Demand for productive agricultural machinery has continued to be strong, due in large part to the financial health of the farm sector.

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