Deere & Company revenues jump 5 percent in Q1 despite economic challenges

Deere & Company says its revenue increased 5 percent in the first quarter despite supply chain issues and November’s union strike.

Chairman and CEO John May says the company’s growth is impressive despite challenges created by the coronavirus pandemic and the ratification of the UAW contract. He said those factors have led to higher production costs in the quarter and the company continues to work with its suppliers to meet producer needs.

Deere reported net income of $903 million dollars down 26 percent, while worldwide net sales increased to more than $9.5 billion compared to last year.

The company is forecasting nearly $7 billion of net income for 2022.