RTTNews | Nov 25, 2020 06:32AM EST

06:31 Wednesday, November 25, 2020 (RTTNews.com) - Deere & Co. (DE) reported that its net income for the fourth quarter ended November 1, 2020 rose to $757 million or $2.39 per share, from $722 million or $2.27 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.49 per share for the quarter. Analysts' estimates typically exclude special items.

Net income in the fourth quarter 2020 was negatively affected by impairment charges and employee-separation costs of $211 million. For the same period in 2019, the similar charges were $74 million.

In addition, net income was unfavorably affected by discrete adjustments to the provision for income taxes in both periods of 2020 and favorably impacted in both periods of 2019.

Worldwide net sales and revenues decreased 2 percent to $9.731 billion from last year. Analysts expected revenues of $7.68 billion for the quarter.

Looking ahead for for fiscal 2021, the company expects net income attributable to the company to be in a range of $3.6 billion to $4.0 billion.

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