Deere & Co. finished the year stronger than expected after aggressively cutting production and seeing solid demand for new tractors and precision agriculture technology. The Moline, Illinois-based tractor giant reported a net profit of $1.3 billion in the fourth quarter compared to $2.4 billion last year as farmers grappled with high interest rates and low commodity prices. Sales and revenue totaled $11.1 billion, down 28% from a year ago. Despite economic challenges, Deere Chairman and CEO John May said in an earnings call that company performance was better than expected, which led to strong reinvestment across the enterprise.
