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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.
The Moline, Illinois-based company said it expects a 29 percent
increase in equipment sales in fiscal 2018, helped by its
acquisition of Germany's Wirtgen Group last year and a favorable
currency effect.
Equipment sales are expected to go up by 30 percent to 40
percent in the second quarter.
"Deere has continued to experience strong increases in demand
for its products as conditions in key markets show further
improvement," said chief Executive Officer Samuel R. Allen.
It posted a quarterly net loss of $535.1 million, or $1.66 per
share, including a $965 million charged related to U.S. tax
reform. Adjusted net income was $430.0 million, or $1.31 per
share.
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.
(Reporting by Rajesh Kumar Singh; Editing by Edmund Blair and
Jeffrey Benkoe)
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