Quad-Cities-based Deere & Company is announcing an increase in net income. The company earned nearly $650 million, or $1.65 per share for the first quarter, which ended January 31st.
Compare that to nearly $533 million, or $1.30 per share, at this time last year. This was the ag and construction equipment maker’s 11th consecutive quarter of record earnings.
Worldwide net sales and revenues for the first quarter increased 10 percent to nearly $7.5 billion.
Deere’s chairman and CEO, Samuel R. Allen says the company is expanding its global market presence while maintaining a tight grip on expenses and assets. Deere is Iowa’s largest manufacturing employer.
By Phil Roberts, Davenport