Deere Profits Rise 20% In First Quarter

Deere & Co. on Thursday said profits rose 20 percent in the first fiscal quarter, led by stronger exports and sales of its farm equipment.

The company earned $166.2 million, or 63 cents a share, in the quarter ended Jan. 31, compared with $138.4 million, or 53 cents a share, a year ago. Revenues climbed 11 percent to $2.3 billion from $2.1 billion.

The Moline-based company reported higher sales for all its equipment businesses. Farm equipment sales climbed 16 percent, while lawn equipment sales were only 2 percent higher.

Exports from the United States reached $308 million, a 19 percent increase from last year’s $259 million in exports.