Deere earnings lower in first quarter
Friday, February 17, 2017 10:46 AM
Deere & Co. reported fiscal first-quarter net income of $193.8 million, or 61 cents per share, for the quarter that ended Jan. 31, down from $254.4 million, or 80 cents per share, in the year-ago quarter. Worldwide net sales and revenues for the first quarter increased 2 percent, to $5.625 billion. Net sales of the equipment operations were $4.698 billion for the quarter, compared with $4.769 billion a year ago."John Deere has started out the year on a positive note in the continued face of soft market conditions," said Samuel Allen, chairman and CEO. "Although the quarter's sales and earnings were somewhat lower than last year, all of our businesses remained solidly profitable." Allen said the company also sees signs that key agricultural markets may be stabilizing after several years of steep declines.