Improved conditions in ag and construction sectors cited as Deere reports strong first-quarter results

Misty Caddell |

Deere & Company reported net income of $1.224 billion for the first quarter ended January 31, 2021, or $3.87 per share, compared with net income of $517 million, or $1.63 per share, for the quarter ended February 2, 2020.

Worldwide net sales and revenues increased 19 percent in the first quarter of 2021 to $9.112 billion. Equipment operations net sales were $8.051 billion for the quarter, compared with $6.530 billion in 2020.

“John Deere started 2021 on a strongly positive note,” says John C. May, chairman and CEO. “Our results were aided by outstanding performance across our business lineup and improving conditions in the farm and construction sectors. In addition, our smart industrial operating strategy is making a significant impact on the company’s results while it also helps our customers be more profitable and sustainable.”

Net income attributable to Deere & Company for fiscal 2021 is forecast to be in a range of $4.6 billion to $5.0 billion.

“We are proud of our success executing the strategy and creating a more focused organization that can operate with greater speed and agility,” May says. “As our recent performance shows, these steps are leading to improved efficiencies and helping the company target its resources and investments on areas that have the greatest impact. At the same time, even as we ramp up factory production and intensify our efforts to serve customers, we are mindful of the continuing challenges associated with the global pandemic. We remain committed, above all else, to safeguarding the health and well-being of our employees.”

To read the companys complete earnings report, go to: https://www.deere.com/en/our-company/news-and-announcements/news-releases/2021/corporate/first-quarter-earnings/.