Farm equipment manufacturer Deere & Co. reported that it posted an overall profit for fiscal year 2009, though it did see a loss of almost $223 million during the fourth quarter.
Sales for the company, which includes farm and construction equipment, dropped 28 percent worldwide in the fiscal fourth quarter, though the company did post a profit of almost $874 million for the year. Samuel Allen, president and CEO of Deere & Co., noted that the company maintained a strong financial position despite the pressure felt in the global economy.
"All our businesses are benefiting from the consistent execution of plans to keep a tight rein on costs and inventories," Allen said.
The company's equipment operations posted an operating loss of $22 million for the quarter, which is compared to the $549 million profit it saw during the same time in the last fiscal year.
Some of Deere's losses can be attributed to a drop in demand for home construction, which resulted from the hit the industry took because of the recession. Furthermore, declines in commercial construction may have also contributed to the difficulties the equipment manufacturer faced this year.