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Economy

Deere Reports Quarterly Loss

Michelle O'Neill
/
WVIK News
Tractor & sprayer on Media Day at John Deere Harvester Works in East Moline, IL (June 2017)

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.

Spokesman Ken Golden says it was an excellent quarter despite more than $965 million in one-time charges. The new tax law requires Deere to pay taxes on earnings in other countries. That amounts to about one-fourth of the first quarter loss.

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.
Deere Q1 2018 Earnings Press Release by Michelle O'Neill on Scribd

Deere 1qtr 2018 Earnings Call Presentation by Michelle O'Neill on Scribd

Economy
Officially, Michelle's title for 28 years was WVIK News Editor. She did everything there is to do in the newsroom and whatever was needed around the radio station. She also served as Acting News Director from September 2023 - January 2024.