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Deere Posts 23% Equipment Revenue Increase in 1Q21, Reorganizes Ag & Turf Segments

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Deere & Company reported net income of $1.224 billion for the first quarter ended Jan. 31, 2021, or $3.87 per share, compared with net income of $517 million, or $1.63 per share, for the quarter ended Feb. 2, 2020. Worldwide net sales and revenues increased 19% in the first quarter of 2021 to $9.112 billion. Equipment operations net sales were $8.051 billion for the quarter, compared with $6.53 billion in 2020.

“John Deere started 2021 on a strongly positive note,” said John C. May, chairman and chief executive officer. “Our results were aided by outstanding performance across our business lineup and improving conditions in the farm and construction sectors. In addition, our smart industrial operating strategy is making a significant impact on the company’s results while it also helps our customers be more profitable and sustainable.”

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