Deere Q4 profit jumps 69% despite strike and supply problems

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John Deere (WHO 13)

(AP) — Deere & Co. said its fiscal fourth-quarter profit jumped 69% on strong sales of its agricultural and construction equipment despite a monthlong strike that began near the end of the period.

The Moline, Illinois-based company said Wednesday that it earned $1.28 billion, or $4.12 per share, in the quarter that ended Nov. 1.

The results topped Wall Street expectations. More than 10,000 Deere workers were on strike from mid-October until last week when a contract that included 10% immediate raises and an $8,500 ratification bonus was approved.

Deere officials estimate the new contract will increase its pretax costs by about $250 million to $300 million a year, but that won’t put a significant dent in its profits.

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