A first quarter loss was no surprise to Deere and Company. Michelle O'Neill reports, today the company reported it lost $535 million due to federal tax reforms.
John Deere's acquisition of The Wirtgen also added to the quarterly loss. But Golden says it also added 5% to net sales from November through January.
Sales of agriculture and turf equipment increased 18%, while sales of construction and forestry equipment jumped 57% in the first quarter with Wirtgen adding 23% in that division.
Deere predicts equipment sales will increase 29% for the full year, with net income around $2.1 billion.