Deere and Company is celebrating a big bump in profits.
The Moline-based company released its latest quarterly earnings on Friday, May 18th, 2018 and the company's stock jumped more than $8.00 a share by the end of the day.
Deere profits increased by 49% over last year thanks to strong sales in farm machinery and equipment, but it's not all good news.
Our Investment Advisor, Mark Grywacheski appears live on Good Morning Quad Cities every Monday and on May 21, he said something else is up along with those profits.
"Like other manufacturers, [Deere is] facing higher operating costs - interest rates and energy costs are rising, there's tariffs on imported steel and aluminum, and these higher costs will start to drive consumer prices higher and require a cost cutting agenda at John Deere."
Grywacheski said there's still a lot of uncertainty on the current steel and aluminum tariffs, as well as the $150 billion in additional tariffs proposed by both the United States and China. To hear more about that, click here our full interview.