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Deere Q1 income down from last year

Deere & Company

John Deere earnings are down 11% compared to this time last year.

Deere reported a net income of over $1.7 billion in the report for its first quarter, which ended last month.

Three out of the four branches at John Deere saw declines last quarter. There were less sales in Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry. But, Deere saw increases in earnings for Financial Services.

In the report, released by Deere last week, the company says it had strong operating margins. And, that new investments in technology will improve company performance.

Those include a new technology center in Brazil and a partnership with SpaceX to provide satellite communication to Brazilian farmers.

Deere predicts its full-year net income will be over $7 billion.