Deere 1Q Sales, Profit Rise as Equipment Shipments Grow
February 19 2021 - 7:08AM
Dow Jones News
By Matt Grossman
Deere & Co. Friday logged stronger sales and profit figures
for the latest quarter as revenue grew across the company's
operating segments.
The Moline, Ill.-based maker of agricultural and construction
equipment logged first-quarter earnings of $3.87 a share, compared
with $1.63 a share in the same three-month period a year earlier.
Analysts surveyed by FactSet had forecast earning of $2.18 a
share.
Net income attributable to the company rose to $1.22 billion,
from $517 million in 2020's first quarter.
Revenue was $9.11 billion, a 19% improvement compared with $7.63
billion in the year-ago quarter. Analysts had forecast revenue of
$7.21 billion.
Improving conditions in the farm and construction sectors
boosted the company's results, Chairman and Chief Executive John C.
May said.
Sales in the company's production and precision-agriculture
segment rose 22% to $3.07 billion as price realization, shipment
volumes and sales mix all improved. Higher shipment volumes and
sales mix also lifted the company's small agriculture and turf
segment, where sales climbed 27% to $2.52 billion.
Construction and forestry sales rose 21% to $2.47 billion as a
result of strong volumes, Deere said.
Revenue for John Deere Capital Corp., the company's financing
arm, declined 9% to $657 million.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
February 19, 2021 06:53 ET (11:53 GMT)
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