The world’s largest ag equipment maker and Iowa’s largest manufacturing employer is reporting its seventh consecutive quarterly earnings record. Deere & Company says net income was nearly $533 million, or $1.30 per share, for the first quarter.
That compares to $514 million, or $1.20 per share, for the same period last year. Deere, based in Moline, Illinois, says worldwide net sales and revenues for the first quarter increased 11%.
Deere’s chairman and C.E.O., Samuel R. Allen, says the numbers are evidence of the skillful execution of Deere’s operating and marketing plans. He says they also reflect an enthusiastic response by customers worldwide to the company’s advanced lines of equipment.
By Phil Roberts, Davenport