John Deere harvests healthy crop of profits

John Deere harvests healthy crop of profits

Illinois-based Deere and Company announced on Tuesday, May 17, a net income of $604 million for its second quarter ended April 30. The company had posted income of $477.3 million during the same quarter a year ago. Deere indicated that worldwide net sales and revenue grew at an incredible 13% to hit $6.6 billion for the second quarter. For the first half of the company’s fiscal year, net sales and revenue grew 15% increase to $10.7 billion. Net sales from the equipment operation were, respectively, $6.0 billion and $9.5 billion for the quarter and first six months compared to $5.3 billion and $8.2 billion for the previous year’s corresponding periods. The company credited its performance to strong customer response to its products and a continuing focus on operating efficiency. Robert W. Lane, John Deere’s chairman and CEO cited new worldwide customers “who appreciate the quality and value of our advanced products and services” and “efforts to hold the line on operating costs and asset levels” as primary reasons for the company’s success.