Deere & Co. posts record earnings for the 11th quarter in a row
Deere and Company set another earnings record in the first quarter, and that's the eleventh quarter in a row. The company reports net income totalled 650 million dollars, a 22 percent jump from the same quarter a year ago, as it sold more farm machines at higher prices.
In November, December, and January, Deere earned a-dollar-65 per share compared to a-dollar-30 a year ago. Revenue rose almost 10 percent. Worldwide equipment sales rose 11 percent in the first quarter, but division results were mixed. Spokesman Ken Golden says agriculture and turf equipment sales rose 16 percent, while construction and forestry sales declined seven percent.
In November, Deere predicted construction division sales would grow eight percent this year. But Golden says that's been revised to just three percent growth because business owners and other customers are worried about the economy in the U.S. and around the world.
Deere predicts sales will rise 6 percent for the full year. And the company now expects annual income of $3.3 billion, slightly higher than earlier projections.