(Reuters) – U.S. farm equipment maker Deere & Co (DE.N) on Friday reported a 23 percent jump in first-quarter revenues as its key markets improved, but recorded a net loss after a charge related to U.S. tax reform legislation.
Revenues rose to $6.91 billion in the quarter ending Jan. 28 from $5.63 billion last year. Total equipment sales rose 27 percent to $5.97 billion.
Shares rose 1.6 percent to $169.50 in premarket trading.
A year earlier it recorded net income of $199.0 million, or 62 cents per share.
Deere has battling weak demand for farm equipment for the past four years as global oversupplies pushed down prices, sending U.S. farm incomes plunging.
The company said it expects higher demand to lift industry sales for agricultural equipment in the United States and Canada, its biggest market, by 10 percent this year.
0 comments
Share
