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Strong Start to New Year for John Deere

Todd Dacquisto/Visual Services-East Moline

Profits more than doubled, and sales jumped 32 per cent in the first quarter, for John Deere.

Friday the company reported net income of 1.9 billion dollars for November through January, compared to 900 million at this time a year ago. Worldwide sales totaled 11.4 billion dollars, up from 8.5 billion last year.

Spokeswoman Jen Hartmann calls it a "phenomenal quarter" - sales and profits rose for all divisions and in all regions.

"What we've seen is just a strong reduction in used equipment inventory, and the need for farmers to re-furbish their fleets. For contractors who are seeing higher demand thanks to the infrastructure bill of last year and those projects starting to come to fruition."

The company also raised its forecast for net income this year by three-quarters of a billion dollars. Hartmann says Deere has already booked orders well into the fourth quarter for both ag and construction divisions.

(nov 2022 forecast 8-8.5 bill, feb 2023 forecast 8.75-9.25 bill)

A native of Detroit, Herb Trix began his radio career as a country-western disc jockey in Roswell, New Mexico (“KRSY, your superkicker in the Pecos Valley”), in 1978. After a stint at an oldies station in Topeka, Kansas (imagine getting paid to play “Louie Louie” and “Great Balls of Fire”), he wormed his way into news, first in Topeka, and then in Freeport Illinois.