Iowa’s largest manufacturing employer is reporting spectacular first-quarter earnings.
Quad Cities-based Deere and Company says net income for the quarter more than doubled from a year ago to more than $1.2 billion, including a 23% gain in net sales.
Deere officials credit the “successful execution of a new operating strategy.” In a news release, chairman and CEO John May says the results were aided by improving conditions in the farm and construction sectors.
The full-year earnings for fiscal 2021 were also increased to a range of 4.6 to $5 billion.