Deere posts first profit gain in three years, raises outlook

Deere & Company, one of the world’s largest farm and construction equipment manufacturers, posted its first year-over-year profit increase since 2023, driven by surging demand for construction machinery even as the farm equipment cycle remained weak. The Moline, Illinois-based company reported net income of US$1.38 billion, or US$5.10 per diluted share, for the fiscal third quarter ended August 2, up from US$4.75 per share a year earlier. Total net sales and revenues rose five per cent to US$12.61 billion, topping Wall Street estimates of US$10.81 billion.