Deere & Co. reports strong first quarter
Moline, Ill.-based Deere & Co., maker of John Deere tractors, outdoor power equipment and lawn mowers, announced worldwide net income of $369.1 million, or $0.83 per share, for the first quarter ended Jan. 31. This is an increase of 54.6 percent from $238.7 million, or $0.52 per share, for the same period last year.
Worldwide net sales and revenues increased 18 percent to $5.201 billion for the quarter from $4.425 billion a year ago.
Net sales of the equipment operations were $4.531 billion for the period, up 18.8 percent from $3.815 billion last year.
According to Robert W. Lane, chairman and CEO of Deere, favorable conditions throughout the global farm sector and a positive customer response to the company's product lineup continue to drive results.
"Advanced product offerings ... are supporting the company's financial performance and helping expand our global market presence," Lane said. "Deere's non-agricultural operations remain on a profitable course in spite of weakening economic conditions in the United States."