Deere reports over $2 billion in second-quarter profits

MOLINE, Ill. (KWQC) - Deere & Co. is reporting nearly $2.1 billion in second quarter profit. The Moline-based ag and construction equipment manufacturer says that’s a 17-percent increase in net income over the same period last year. Net sales and revenues were up 11-percent.

The results exceeded Wall Street expectations.

“Deere’s second-quarter performance reflected a continuation of strong demand even as we face supply-chain pressures affecting production levels and delivery schedules,” said John C. May, Deere Chairman and Chief Executive Officer.

“Looking ahead, we believe demand for farm equipment will continue benefiting from positive fundamentals in spite of availability concerns and inflationary pressures affecting our customers’ input costs,” May added.