Iowa Public Television


Strong Sales Push Deere 2Q Profits Higher

posted on May 20, 2005

Deere and Company says a global machinery buying surge that boosted second quarter profits 27 percent over a year ago shows no signs of letting up.

The Moline, IL-based manufacturer said this week that double digit sales increases for its trademark tractors and construction equipment netted second-quarter profits of $604 million, or $2.43 per share.

That compares with $477.3 million, or $1.88 per share, in the previous year.

Sales and revenues rose 13 percent to $6.2 billion.

The company predicts strong construction and farm economies will push overall sales higher by 9 to 11 percent in 2005.

Tags: news tractors