P.M. BRIEFING : Deere Co. Reports Record Profits
From Times wire services
MOLINE, Ill. —
Deere & Co. said today that its second-quarter profit climbed 51% to its highest level for any quarter in the company’s 152-year history, citing signs of recovery in the farm economy.
The farm tractor and agricultural implement manufacturer said it earned $130.5 million, or $1.74 a share, for the quarter ended April 30, compared to $86.4 million, or $1.15 a share, a year earlier.
Sales for the quarter rose 15% to $1.67 billion from $1.45 billion. Deere’s previous record for quarterly income was $108.4 million in the second quarter of 1979.
