Deere & Company’s net income more than doubled in the first quarter of 2021.
The company last week reported equipment operation net sales increased by 23 percent for the quarter ending Jan. 31. Net income for the quarter soared by 124 percent. Worldwide net sales rose by 19 percent.
“John Deere started 2021 on a strongly positive note,” said Chairman and CEO John C. May. “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.”
Beginning with this fiscal year, Deere implemented a new operating model and reporting structure. The company’s agriculture and turf operations were divided into two new segments: the production and precision agriculture segment and the small agriculture and turf segment.