Deere & Company first-quarter net income rises

Deere & Company reported net income of USD 517 mln for the first quarter ended Feb. 2, 2020, or USD 1.63 per share, compared with net income of USD 498 mln, or USD 1.54 per share, for the quarter ended Jan. 27, 2019.

Worldwide net sales and revenues decreased 4% in the first quarter of 2020 to USD 7.631 bln. Net sales of the equipment operations were USD 6.530 bln for the quarter, compared with USD 6.941 bln in 2019.

"John Deere's first-quarter performance reflected early signs of stabilization in the U.S. farm sector," said John C. May, Chief Executive Officer. "Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports. Additionally, the quarter included costs of a voluntary employee-separation program, which is among the steps Deere is taking to improve flexibility and efficiency."

Net income attributable to Deere & Company for fiscal 2020 is forecast to be in a range of USD 2.7 bln to USD 3.1 bln.

Earlier the company informed about the net income of USD 722 mln for the fourth quarter ended Nov. 3, 2019, or USD 2.27 per share, compared with net income of USD 785 mln, or USD 2.42 per share, for the quarter ended Oct. 28, 2018.