The first quarter for John Deere, the world's biggest manufacturer of farming and agriculture equipment, saw the company's income at least double as the year's profit forecast increased, according to a press release.
Net income for the Moline, Iowa-based company was $513.7 million for first quarter ending January 31. During the same period last year, Deere's net income was $243.2 million. The per share return this year was $1.20, more than twice as high as the $0.57 that registered last year.
"John Deere's first-quarter results reflect improving demand for our innovative lines of equipment coupled with the skillful execution of our business plans," according to Samuel R. Allen, Deere's chairman and chief executive officer. "Our actions are helping attract customers through advanced new products and technologies."
The global market's revenues and net sales increased 27 percent to $6.119 billion. Last year's revenues and net sales for the same period was $4.835 billion. The company credited large farm machinery sales in the U.S. and Canada as being enormously beneficial to the economic recovery.
"Our record first-quarter performance is especially gratifying in light of market conditions that remain below normal levels in certain key sectors," according to Allen.
First quarter indicates recovery for Deere
Deere's first quarter for 2011 was markedly more successful than that of 2010.