Deere announces first-quarter earnings; says business is ‘solidly profitable’
MOLINE — Deere & Company’s first quarter earnings in 2017 have trailed slightly behind 2016, but company leaders say things are looking up for the whole year.
Deere earned $193.8 million in the first quarter, which ended on January 29th. That amount is down from 2016’s first quarter earnings of $254.4 million. Worldwide sales and revenues had increased from 2016, but net sales of equipment operations were down slightly.
They expect to earn $1.5 billion in sales for the full year.
A statement from Director of Global Public Relations showed that their attempt at having a more efficient cost structure are on track and their key agricultural markets are showing signs of stabilization.
“Although the quarter’s sales and earnings were somewhat lower than last year, all of our business remained solidly profitable,” said Samuel R. Allen, chairman and CEO.