While home builders and mortgage companies may be hurting, the farm implement industry is booming, at least for John Deere. Thanks to strong international sales, the first quarter was very good for Quad Cities-based Deere, which is reporting profits rose 54% for the period that ended January 31st.
Deere officials say favorable conditions in the global farm market helped to push sales up for tractors and other ag machinery. Higher sales are also reported for Deere’s construction and forestry divisions. Overall, revenue grew 18-percent for the quarter to just over five-billion dollars, with profits at 369-million. That’s 131-million better than a year ago.