Earnings at Iowa’s largest manufacturing employer are bouncing back.
Deere & Company’s second-quarter earnings increased 62 percent from the same quarter a year ago. That ended 12 consecutive quarters of earning declines.
For the quarter ending April 30th, the Moline, Illinois-based company posted earnings of more than $802 million or $2.49 per share. That compares with $495 million or $1.56 per share a year ago. This was Deere’s best second quarter since 2014. For the first six months of the year, Deere’s net income of $996 million bettered the $749 million figure a year ago.
Deere chairman and CEO Samuel Allen says the firm is seeing modestly higher overall demand for its products, with farm machinery sales in South America experiencing a strong recovery.
(By Phil Roberts, Davenport)