Iowa’s largest manufacturing employer, Quad Cities-based Deere & Company is showing positive results in its third quarter earnings.
For the quarter that ended July 30th, Deere is reporting net income of $641 million, or $1.97 per share, compared with $488 million, or $1.55 per share a year ago.
Worldwide net sales and revenues increased 16 percent to $7 billion for the third quarter and increased 8 percent to $21 billion for the first nine months of 2017.
Net sales of the equipment operations were $6 billion for the third quarter and $18 billion for the first nine months. That compares with $5 billion and $17 billion for those periods last year.
Deere chairman and CEO Samuel R. Allen says this was another quarter of strong performance as the company continues to benefit from improving market conditions throughout the world.
(By Phil Roberts, Davenport)