Deere 1Q net income jumps 22 percent
MOLINE – Farm and construction equipment maker Deere & Co. said Wednesday that its first-quarter net income leaped 22 percent on growing sales of farm machinery at higher prices.
The Moline, Ill., company's earnings soundly beat Wall Street expectations.
In the quarter ending Jan. 31, Deere said it earned $649.7 million, or $1.65 per share, compared with $532.9 million, or $1.30 per share, a year earlier. Revenue rose almost 10 percent to $7.42 billion.