Deere reports first-quarter profit of $1.75 billion
By Ava Barnes
Deere & Co. (DE) on Thursday reported fiscal first-quarter profit of $1.75 billion.
“Deere’s first-quarter performance underscores the effectiveness of our Smart Industrial operating model and the dedication of our workforce, enabling improved performance across economic cycles that surpasses historical benchmarks,” said John C. May, chairman and chief executive officer. “Moreover, we remain committed to empowering our customers to improve their productivity and sustainability through ongoing investment in the next generation of solutions, as evidenced by our partnership on satellite communications to expand rural connectivity announced this quarter.”
The Moline-based company said it had a per-share profit of $6.23.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $5.19 per share.
The agricultural equipment manufacturer posted revenue of $12.19 billion in the period. Its adjusted revenue was $10.49 billion, also topping Street forecasts. Ten analysts surveyed by Zacks expected $10.43 billion.
