Friday, May 20, 2022

Deere sales, profits increase

Deere and Co. reported a 17 per cent increase in profits for its fiscal quarter that ended May 1.

Sales increased by 11 per cent to $13.37 billion.

That bucks the industry trend. Tractor sales declined by 22.3 per cent in April from last year and combine sales by 5.6 per cent.

Farmers have been replacing equipment because grain and oilseed prices have increased and are forecast by Archer-Daniel-Midlands to remain high for two years.