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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