Deere and Company, Iowa’s largest manufacturing employer, has more than doubled its first quarter profits from a year ago. Profits for the Moline, Illinois, based manufacturer were $513.7 million, or $1.20 per share. That compares with $243.2 million, or 57 cents per share a year ago.
Quarterly sales were up 27% to $6.12 billion because demand for Deere’s agriculture, construction and forestry equipment was higher than expected. For the second quarter, Deere says it expects its revenue to increase by 25 percent from a year ago. It also expects net income for the year of about $2.5 billion.
By Phil Roberts, Davenport