Deere income up on higher sales but sees slowing demand
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Deere & Co. said Wednesday fiscal first quarter earnings rose as heavy equipment sales remained robust but predicted that demand will slow the rest of the year.
The net income for the three-month period that ended on Jan. 31 totaled $681 million, up 4.8% from a year ago. The agricultural and construction segments reported higher sales worldwide.
Earnings per share of $1.81 - up from $1.65 a year ago - beat analysts' estimate of $1.53.
Shares of the Moline, Ill.-based company rose 1.76% in premarket trading to $89.00.
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