Chicago is My Home

14
May

Second-Quarter Profits at Moline, Ill.-Based Deere & Co. Increase 22 Percent

Author: Adam Fendelman, Category: Business

MOLINE, Ill. – Farm equipment manufacturer Deere & Company in Moline, Ill. reported on Wednesday that company profits rose 22 percent in the second quarter despite a weakened U.S. economy. Warnings of rising materials costs, however, sent shares sliding more than 6 percent on Wednesday.

Deere said it earned a net income of $763.5 million (or $1.74 per share) in the second quarter ended April 30. This compares with $623.6 million (or $1.36 per share) earned in the same period in 2007.

“Advanced offerings that help efficiently meet the world’s growing need for farm products are lending strong support to our performance and are bringing John Deere quality and value to a growing global audience,” said Deere & Co. CEO Robert Lane in a Wednesday statement.

By Megan O’Neil