Deere & Company

Good morning and welcome to the Deere and Company's Fourth Quarter Earnings Conference Call. Your lines have been placed on listen only and to the question and answer session of today's conference. I will now turn the call over to Mr. Josh Justin, Director of Investor Relations. Thank you. You may begin.

Good morning. Also on the call today are Ryan Campbell, our Chief Financial Officer, Corey Reed, President of Production and Precision Ag, and Brent Norwood, Manager of Investor Communications. Today, we'll take a closer look at Deere's fourth quarter earnings and spend some time talking about our markets and our current outlook for fiscal 2022. After that, we'll respond to your questions. Please note, slides are available to complement the call this morning. They can be accessed on our website at johndeere.com slash earnings. First, a reminder, this call is being broadcast live on the internet and recorded for future transmission and use by Deere and Company. Any other use, recording, or transmission of any portion of this copyrighted broadcast without the express written consent of Deere is strictly prohibited. Participants in the call, including the Q&A session, agree that their likeness and remarks in all media may be stored and used as part of the earnings call. This call includes forward-looking comments concerning the company's plans and projections for the future that are subject to important risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially is contained in the company's most recent Form 8K and periodic reports filed with the Securities and Exchange Commission. This call may include financial measures that are not in conformance with the county principles generally accepted in the United States of America, or GAAP. Additional information concerning these measures, including reconciliations to comparable GAAP measures, is included in the release and posted on our website at johndeer.com slash earnings under quarterly earnings and events. I'll now turn the call over to Brent Norwood.

John Deere finished the year with solid execution in the fourth quarter, resulting in a 13.6 margin for the equipment operations. Act fundamentals remain strong through the course of the year, and our order books indicate another year of robust demand in 2022. Meanwhile, the construction and forestry markets also continue to benefit from strong demand and lean inventories, leading to the Division's strongest financial results in over 15 years. Now, let's take a closer look at our year-end results for 2021, beginning on slide three. For the full year, net sales to $44 billion, while net sales for equipment operations increased 27% to $39.7 billion. Net income attributable to Deere and Company was $5.96 billion, or $18.99 per diluted share. Slide 4 shows the results for the fourth quarter. Net sales and revenue were up 16% to $11.3 billion, while net sales for the equipment operations were Net income attributable to Deere and Company was $1.283 billion, or $4.12 per diluted share. At this time, I'd like to welcome Corey Reed, President of Production and Precision Act, to the call to discuss the segment's results and provide an update on the global ag environment.