Deere & Company (NYSE:DE) saw its shares take off in price on third-quarter financial figures.
The company, based in Moline, Illinois, reported net income of $811 million for the third quarter ended August 2, 2020, or $2.57 per share, compared with net income of $899 million, or $2.81 per share, for the quarter ended July 28, 2019.
For the first nine months of the year, net income attributable to Deere & Company was $1.993 billion, or $6.30 per share, compared with $2.532 billion, or $7.87 per share, for the same period last year.
Worldwide net sales and revenues decreased 11%, to $8.925 billion, for the third quarter of 2020 and declined 12%, to $25.809 billion, for nine months. Net sales of the equipment operations were $7.859 billion for the quarter and $22.612 billion for nine months, compared with $8.969 billion and $26.182 billion last year.
Said CEO John May, "With outstanding support from our dedicated global workforce and dealer organization, John Deere delivered a strong performance in the third quarter in the face of a serious global pandemic and uncertain market conditions.
"As we manage through the pandemic, Deere's number-one priority continues to be safeguarding the health and well-being of its employees. Thanks to aggressive measures taken early in the crisis, we have had success keeping our employees safe, our factories and parts centers functioning, and our customers served."
DE shares were airborne $8.50, or 4.5%, to $199.60.
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