Deere and Company is reporting a stronger-than-expected quarterly profit. Net income for the Moline, Illinois-based manufacturer of farm and construction equipment was nearly $981 million, or $2.65 per share, for the second quarter ended April 30th.
That’s compared with a little more than $1 billion, or $2.76 per share, for the same period last year. It was the fourth highest quarter in company history for both net sales of equipment and net income. Samuel R. Allen is Deere’s chairman and CEO. He says Iowa’s largest manufacturing employer has kept costs under control and is on its way to another year of solid financial and operating performance.
(Reporting by Phil Roberts, Davenport)