Deere Reports Record Earnings - News and Weather For The Quad Cities -

Deere Reports Record Earnings


Deere & Company released its earnings report for the first quarter Wednesday morning and it shows the company set another new record.

The Moline-based ag, turf and construction machinery manufacturer reports net income of $650 million for the quarter ending January 31st. That compares to $533 million in the same quarter last year. It's the 11th consecutive quarter of record earnings.

Ken Golden, Director of Global Public Relations says the company has been helped by a strong ag economy, especially in North America. He told KWQC-TV what the news means to the Quad Cities.

"In the Quad Cities we have really two of our major global businesses represented. In Davenport our construction equipment factory and over in East Moline, harvesting equipment. So we kind of represent both of our strong global growth businesses in construction and ag. It's kind of a mixed bag for the Quad Cities, construction is down a little bit from what we thought and ag is up a little bit"

Deere has also raised its outlook for the year, but Golden says the company is still being cautious about global economic conditions that could impact the business.

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