With UAW strike concluded, Deere reports record profits

A major strike didn't buck Deere & Co.'s plans for a record year.

The ag and construction machine maker earned $1.28 billion from August through October, the company announced Wednesday. The latest quarterly performance put Deere's profit for the fiscal year that ended Nov. 1 at a record $5.96 billion.

Deere beat Wall Street's expectations, earning $4.12 per share last quarter compared to a consensus of $3.87, according to FactSet.

Deere's report comes after the company resolved a five-week-long United Auto Workers strike when members ratified a contract with the company Nov. 17. The report only captures about half of the strike's impact, as workers walked out with two weeks left in the quarter.

Like other manufacturers, the company also is dealing with problems getting supplies. Mills have been unable to produce enough steel to keep up with demand, and logistics companies don't have enough truck drivers to haul product.

Read more: https://www.desmoinesregister.com/story/money/business/2021/11/24/john-deere-reports-record-profits-uaw-strike-concluded-supply-chain/8742810002/