John Deere 2010 Annual Report Download - page 2

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2
The year 2010 will be remembered as a pivotal one for John Deere.
The company delivered sharply improved fi nancial results despite
sluggish global economic conditions that restrained sales in
certain regions and businesses.
John Deere also proceeded with signifi cant investments aimed at
widening our manufacturing footprint and expanding our global
market presence. As a result, the company remains well-positioned
to capitalize on growth in the world economy and, longer term,
to benefi t from broad economic trends that hold attractive
promise for the future.
We maintained our strong fi nancial condition as well. Deere’s
equipment operations ended the year essentially debt-free on a
net basis, while our credit company’s balance sheet remained
conservatively capitalized.
In a step that could have a major impact on the company’s future,
an ambitious blueprint was introduced to guide our efforts in
meeting the world’s increasing need for food, shelter and
infrastructure. The next evolution of the John Deere Strategy
places a sharp focus on producing the agricultural and
construction equipment
solutions required by global
markets that are gaining in
both size and stature.
For fi scal 2010, Deere reported
income of nearly $1.9 billion,
on net sales and revenues
of $26.0 billion. Both fi gures
were the second-highest in
the company’s history, trailing
only 2008. Income more
than doubled on a 13 percent
increase in sales and revenues.
Earnings, in rising by nearly
$1 billion, staged their largest
single-year improvement ever.
All our business units reported
higher profi t in relation to 2009.
The company again generated
strong cash fl ow as a result of
its solid fi nancial performance
and the skillful execution of our
business plans. Net cash from
PERFORMANCE STAGES STRONG REBOUND;
COMPANY SETS AMBITIOUS COURSE FOR FUTURE
Samuel R. Allen, Chairman and CEO
ABOUT THE COVER:
Some of the faces of those who depend on
John Deere products to cultivate, harvest,
transform, enrich or build upon the land.
Our employees and dealers are committed
to helping customers meet the world’s
growing need for food, fuel, shelter and
infrastructure in a profi table, productive
and sustainable way.
Net Sales and Revenues (MM)
2008 2009 2010
$28,438 $23,112 $26,005
Operating Profi t (MM)
2008 2009 2010
$3,420 $1,607 $3,408
CHAIRMAN’S MESSAGE
Net Income *(MM)
2008 2009 2010
$2,053 $873 $ 1, 8 6 5
*Net income attributable to Deere & Company