P.M. BRIEFING : Deere Tells 62% Earnings Rise

Deere & Co. today reported a 62% jump in quarterly earnings over the prior year, as sales in all categories of tractors, combines and farm implements soared.

For the company’s first quarter, earnings rose to $78.5 million, or $1.04 per share, on revenue of $1.64 billion. A year earlier Deere earned $48.4 million, or 65 cents per share, on revenue of $1.14 billion.

The first-quarter report points to a possible third straight year of record earnings for Deere.

Deere earned $380.2 million, or $5.06 a share, in the 1989 fiscal year, which ended Oct. 31. That was 20% more than the previous record set in 1988 when Deere earned $315.4 million, or $4.32 a share.

Deere spokesman Robert Combs attributed the company’s good fortune to the recovery in the agricultural economy.