Deere & Company reported net income of $903 million for the first quarter ended Jan. 30, 2022, or $2.92 per share, compared with net income of $1.224 billion, or $3.87 per share, for the quarter ended Jan. 31, 2021.
On Aug. 28, Deere and Co.’s Board of Directors elected John C. May as its new CEO, effective Nov. 4. May had previously served as president and COO of Deere and Co. after being elected in April 2019.
Deere & Company said today it will invest $70 million to expand the manufacturing capacity in its Waterloo, Iowa operations, where the company builds large farm tractors that are used around the world.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.