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Deere Reports Higher Sales & Profits in Third Quarter

outiside the Harvester Works in East Moline
Michelle O'Neill
outiside the Harvester Works in East Moline

Sales and profits rose for John Deere in the third quarter.

Friday the Moline-based maker of farm and construction equipment reported worldwide sales for May through July increased 12 per cent to 15.8 billion dollars.

Net income jumped 65 per cent to $10.20 per share, compared with $6.16 a year ago.

Chairman and CEO John May credits favorable market conditions and "stabilizing conditions in the supply chain" for the strong results.

Deere also raised its profit forecast for the full year again - now in the range of $9.7 to $10 billion, versus an estimated $9.4 billion at the end of the second quarter.

All three divisions reported higher sales for the third quarter, ranging from 3 per cent for Small Agriculture and Turf Equipment, to 12 per cent for large ag equipment, and 14 per cent for Construction and Forestry.

And the company is predicting higher sales for the full year for all three, from 5 to 20 per cent.