Deere 1Q Sales, Profit Rise as Equipment Shipments Grow
By Matt Grossman
Deere & Co. Friday logged stronger sales and profit figures
for the latest quarter as revenue grew across the company's
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
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
Improving conditions in the farm and construction sectors
boosted the company's results, Chairman and Chief Executive John C.
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 firstname.lastname@example.org
(END) Dow Jones Newswires
February 19, 2021 06:53 ET (11:53 GMT)
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