The green machine is humming right along. Moline, Illinois-based Deere & Co. reports its third-quarter profits rose 26 percent. In addition, Deere’s net income for the quarter ended July 31st rose to a record $997 million from 788 million a year ago.
Worldwide net sales and revenues increased 4 percent for the third quarter. Strong profits in farm machinery and financial services drove the increases. Samuel R. Allen is Deere’s chairman and CEO. He says the company is on the road to another year of impressive performance.
And he notes that sales and income for the period were higher than in any prior third quarter. Deere is Iowa’s largest manufacturing employer.
By Phil Roberts, Davenport