A year after reporting a loss due to federal tax changes, Deere and Company reports first quarter earnings came in at the second highest level ever.
Deere says from November through January, net income totalled $498.5 million, or $1.54 per share. And sales rose 16% to $6.9 billion.
Despite that, Spokesman Ken Golden says farmers are worried about how tariffs and trade policies will affect them. Dealerships have been busy with customers checking prices and thinking about major purchases. But he thinks most farmers are just taking time to see how the year unfolds.
Deere is also optimistic about sales of construction, forestry, and road-building equipment. Golden says the company expects equipment rentals to increase, and that's a strength for Deere.
Its earnings projection for the full year is the same as three months ago. Deere expects profits will reach a record level of $3.6 billion. And sales will increase 7%.