Deere & Company report net income of over $1 billion for the second quarter

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MOLINE, Ill. (KWQC) - Deere & Company just released its second quarters earning report.

The Moline-based company reported net income of $1.135 billion for the second quarter, that's compared with net income of $1.208 billion from last year.

In a press release, the company says worldwide net sales and revenues increased 6 percent, to $11.342 billion for the second quarter of 2019 and rose 10 percent to $19.326 billion for six months. Net sales of equipment operations were $10.273 billion for the quarter and $17.214 billion for six months, compared with $9.747 billion and $15.721 billion last year.

Samuel R. Allen, Chairman and Chief Executive Officer for the company says "Ongoing concerns about export-market access, near term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases. At the same time, overall economic conditions remain positive, a fact that along with a growing customer base has contributed to strong results form our construction and forestry business."

Company equipment sales are projected to increase by about 5 percent for fiscal 2019 compared with last year.