Deere & Company saw net sales and revenue rise 11% in the last quarter and the company’s executives are predicting even higher sales of tractors and combines in the months ahead.
Deere & Company’s net income in the last quarter was more than $2 billion, about $300 million more than in the same period last year. Deere’s chairman and CEO said it’s due to strong demand even as the company faces supply chain pressures on equipment production and delivery schedules.
Deere projects demand for farm equipment will remain strong through the rest of the year. Deere sales of ag equipment rose 13% in the past three months. Sales of John Deere lawn products and small ag equipment were up 5% and Deere’s construction and forestry division saw sales increase 9% during the last quarter.