First-quarter sales for Deere & Company rose 19 percent over the same period in 2020, to 9.1 billion. Sales of equipment—agriculture and construction—were up 23 percent in the quarter to $8.1 billion. Net income was $1.2 billion, up from $517 million in the same period of 2020.
“John Deere started 2021 on a strongly positive note,” said John C. May, chairman/CEO, in a prepared statement. “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.
“We are proud of our success executing the strategy and creating a more focused organization that can operate with greater speed and agility,” May said. “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.”
Sales in the construcion & forestry division were up 21 percent for the quarter to $2.5 billion, compared to $2.0 billion in Q1 2020. Part of that boost was an accounting change that added an addition month of Wirtgen sales to be included. The company cited “higher shipment volumes and price realization” as also contributing to the sales increase.
Source: Deere & Co.