The Moline, Illinois-based manufacturer of farm and construction equipment says its quarterly net profit went up 2.7 percent, thanks mainly to continued growth in farm equipment sales.
Second-quarter net income rose 3 percent to $1.08 billion, or $2.76 per share. But Deere says sales will rise only 5 percent during the current fiscal year, down from the 6 percent it predicted earlier. You can blame the weather for that.
Cool, wet weather delayed the planting of crops, slowed construction work and reduced demand for lawn-care equipment. Deere is Iowa’s largest manufacturing employer.
By Phil Roberts, Davenport