Quad Cities-based Deere and Company is reporting an increase in its third-quarter net income. Deere earnings jumped 15% to more than $712 million, or $1.69 per share.
That was up from $617 million, or $1.44 per share, last year. Worldwide net sales and revenues grew 22% to nearly $8.4 billion for the third quarter compared to $6.8 billion in the comparable period a year ago.
Deere’s chairman and C.E.O., Samuel Allen, says the company is on track for full-year sales and earnings records. Allen says increased sales of large farm machinery are having a major impact on Deere performance.
Deere & Co. is the world’s largest ag equipment maker and Iowa’s largest manufacturing employer. It’s based in Moline, Illinois.
By Phil Roberts, Davenport